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Business News of Friday, 17 July 2020

Source: laudbusiness.com

Prepare to pay more for power – IES to Ghanaians

The Institute of Energy Security (IES), has said consumers of electricity will be paying more for power in the coming years if government fails to divert its capital into renewable energy sources.

According to IES, reports have shown that energy sources are rapidly becoming cheaper than Fossil Fuel Powered Plants.

They argue, about 56 percent of capacity additions for utility-scale renewable power in 2019 achieved lower electricity costs than cheapest Coal Plants.

Paa Kwasi Anamoah Sakyi the Executive Director of the Institute of Energy Security (IES) said at an event on Thursday July 16 that : “Ghanaians should be expecting higher electricity charges because if even it subsidized today it is through your taxes that government will have to fill those gaps and so the right time to begin is now.

“Many countries, south Africa Morocco, Gambia are all advancing to renewables if we claim to be the gateway to Africa why should we be chasing project as they go along. We should be leading this discussion.”

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