. Sindowe

By KENNEDY MUPESENI –
THE Copperbelt Energy Corporation (CEC) has recorded increased revenue of US$33 million from its Nigerian subsidiary, Abuja Electricity Distribution (AED) in the financial year ended March 31, 2016.
The energy utility conglomerate has attributed the increase in revenue to the 2015 tariff and performance improvements in Nigeria.
CEC board chairperson Hanson Sindowe said despite challenges facing the energy sector, the AED Plc posted increased revenue mainly on account of the 2015 approved tariff increase by the Nigerian regulator.
“The company also remained cash flow neutral owing to the rules pertaining to the treatment of the market operator’s role in the provision of energy in that country,” Mr Sindowe said.
He was speaking during the 18th annual general meeting (AGM) in Kitwe on Thursday.
Recently, the Nigerian Government stabilised the liquidity of the energy sector by creating a fund dubbed ‘Nigerian Electricity Market Stabilization Facility’ amounting to $1.8 million.
Mr Sindowe said the Nigerian subsidiary would participate in the fund and that the primary use of the money that would be obtained from the facility, would be settling liabilities to the market operator, which accumulated before the coming into effect of the transitional electricity market.
He said in view of the prevailing environment in the energy sector, CEC would continue pursuing viable projects in the Sub-Saharan African power space and had made significant progress with respect to the 128 Sierra Leone thermal power project within 2016.