The West African Power Pool, (WAPP) on Monday said it would soon commence “day-ahead electricity trading” in the regional market.
Mrs Ndidi Mbah, General Manager, Public Affairs, Transmission Company of Nigeria (TCN), made this known in a statement in Abuja.
According to Mbah, the day-ahead energy market is a system that allows transactions for the buying and selling of electrical power one day prior to the delivery day.
Mbah said the decision was reached at the WAPP 59th Executive Board Meeting at Calavi, Cotonou, Benin Republic over the weekend.
“With the completion of the construction and equipping of the WAPP Information and Coordination Centre (ICC), the organisation is finalising arrangements to commence day-ahead electricity trading in the regional market,” she said.
The Managing Director of TCN, Mr Sule Abdullaziz, during the meeting, said the document for activation of the next phase of the market was undergoing the process of approval at the ECOWAS Electricity Regulatory Authority (ERERA).
Abdulaziz said in preparation for the new phase of the electricity market in West Africa, operators were currently undergoing training on the working of live trading system, to ensure that once approval was granted, the transition would be seamless.
He said with support from the World Bank, the organisation would recruit 11 new engineers to boost the capacity of the information and coordination centre.
“The study for the restructuring of the secretariat, in fulfilment of legal requirements for an independent system and market operator, has kicked off.
“The collective actions of members will determine what the market turns out to be, as “building and equipping of infrastructure alone does not guarantee the success of the market.
“ Equally important is the behaviour of the market participants. The advent of the market requires discipline and competence in operations and management as well as in financial reporting”.
On the new WAPP secretariat, scheduled for inauguration in November, he said “this would be a unique occasion for pool to announce itself to the world at large.
”Let us make maximum use of this opportunity to not only inform the global audience about what WAPP is doing, but also the tremendous opportunities that our sector offers to private investors,” he said.
Earlier, in his address, the Secretary General of the organisation, Mr Siengui Ki, commended member utilities who paid their contributions to WAPP in spite of the COVID-19 pandemic and regional security crisis.
He urged those who had yet to pay to do so.
Ki said that the agenda for the 59th session was for the board to among others, look into the status of contribution by member utilities and the budget of WAPP secretariat.
It will also “review the consolidated 2022 financial statement, validate programme of activities and 2024 budget as well as the WAPP business plan for 2024-2027, ” he said.
On his part, Mr Kabiru Adamu, Chairman, Strategic Planning and Environmental Committee of WAPP, presented the pool’s business plan for the next four years to the Executive Board for consideration and adoption.
Adamu is also the General Manager, System Planning, TCN.
The 59th session witnessed the admission of two new heads of utilities – the Director-General of SONABEL, Mr Sulieman Ouedraogo and Mr Gabriel Degbegni, new Managing Director of Beninese Electric Power Company (SBEE).
They are to serve as members of the WAPP Board.
(NAN)