Sunon Asogli Power (Ghana) Limited has shut down its 560 MW power plant because the Electricity Company of Ghana (ECG) failed to meet overdue payment obligations.
The company, in a statement released today, Wednesday, October 16, 2024, indicated that ECG owes a net receivable of $259 million (excluding fuel) as of the end of September 2024.
“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,” the statement said.
Sunon Asogli said it had no choice but to shutdown its plant, despite the negative consequences.
It has therefore admonished the Ministry of Finance to intervene and facilitate a resolution that will allow it to resume operations as quickly as possible.
Read the full statement below
By: Rainbowradioonline.com/Ghana
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