The Africa Investment Forum is set to launch the 2019 Electricity Regulatory Index (ERI) and its first comparative tariff report on Wednesday at the ongoing investment forum in Johannesburg, South Africa.
The ERI report is an annual comparative, country-by-country assessment of various energy sectors and their level of regulatory development in Africa. It also serves as a diagnostic tool for identifying bottlenecks in the sector and recommending appropriate interventions.
Also debuting at the forum is a study on Comparative Analysis of Electricity Tariffs in ECOWAS Member Countries. This report assessed the tariff frameworks, levels and underlying drivers of tariffs across the electricity value chain (Generation, Transmission, and Distribution) of the 15 member states.
The tariff report aims at providing relevant information and data analysis that will influence policy and investment decisions in the region.
In a press release, Wale Shonibare, ADB’s Acting Vice-President, Power, Energy, Climate Change & Green Growth, revealed that the bank’s new deal on energy for Africa underlines the urgency to power the continent and stimulate socio-economic growth, catalyze industrialization, amongst others.
According to the Africa Energy Outlook 2019, close to 600 million people in Africa do not have access to electricity, despite the current efforts and progress in some countries like Rwanda, Ethiopia, Kenya, etc. to provide access to modern energy services.
The energy outlook report also estimates that in 2030, about 530 million people will lack access to electricity except through the adoption and use of renewable energy resources, such as wind, solar, hydro, in the continent.
Thus, this year’s forum will revisit the essence of renewables and counter barriers like non-creditworthy utilities, cost-reflective tariffs, amongst others that hinder investors in the private sector from participating in Africa’s energy sector.
At the investment forum, African Development Bank’s energy team will engage sector stakeholders in extensive consultations, knowledge exchange, networking, and peer-to-peer learning to unlock the right conditions for energy investments to thrive in Africa.
Various boardroom sessions will be held to focus on a range of energy projects in Africa, including the Baynes hydro plant in Angola and Namibia, the Tulu Moye geothermal development in Ethiopia and the Inga Dam in the DRC.
The Africa Investment Forum, an initiative led by ADB was established to accelerate private sector investments in Africa. It is a multi-stakeholder platform designed by the Bank and its partners to fill in the continent’s vast investment gap and kick-start transformation.
Recruiting of investors into sectors like Agriculture, transportation, infrastructural development, energy etc. across the African continent is the primary goal of the Africa Investment Forum.
By Treasure Nnabugwu