The 560 MW Sunon Asogli Power (Ghana) Limited power plant will be shut down as a result of the Electricity Company of Ghana’s (ECG) noncompliance with past due payments.
Due to this, Sunon Asogli is no longer able to secure money for its operations.
ECG owes a net receivable of $259 million (excluding fuel) as of the end of September 2024, according to a statement made by the corporation on October 16, 2024.
The debt owing has grown by 23% between January and September 2024, even though Sunon Asogli decided not to bill ECG for idle capacity. During that time, only 22.6% of the invoices were paid using the Cash Waterfall Mechanism.
“Sunon Asogli Power (Ghana) has over the years been very considerate in its dealings with ECG and the government, and, unlike other independent power producers, has not even invoiced ECG for accrued idle capacity charges.
“Despite this, ECG owes Sunon Asogli a net (excluding fuel) receivable amount of $259 million as of the end of September 2024.
“Our debt has grown by 23% on the net balance, between January 2024 and September 2024 and only 22.6% of the invoices for the period have been paid by ECG from the Cash Waterfall Mechanism,” he stated.
Statement Below:
Source: newsthemegh.com