It also plans to position itself to become the regulator for the renewable energy sector in Ghana.

Announcing this at a press conference in Accra on Thursday, the Managing Director of ECG, Ing Samuel Boakye-Appiah, said the new venture is part of measures being taken to make ECG a key player in the power sector.

According to him, the company, which currently has 112 staff, is still a going concern and is operating as a responsible asset owner and bulk energy trader.

He also explained that ECG, among other things, has the obligation to monitor the asset that has been leased to PDS Ghana Limited so that by the end of the lease period, the current value of the asset, which is pegged at GH?13 billion, would not have depreciated, but would rather have appreciated.

He also announced plans to export power to neighbouring countries, hoping that ongoing renegotiation of power deals, as well as increased use of gas for power generation in Ghana, would lower tariffs.

According to Ing Boakye-Appiah, the rollout of these strategies is aimed at making ECG the most innovative electricity company in West Africa by 2025.

The mission, he stated, is to lead the electricity market in innovation and regional integration to support the economic growth and improvement of the lives of the citizens of Ghana and West Africa.

Ing. Boakye-Appiah emphasised that neither ECG’s assets nor its liabilities were transferred to Messrs Power Distribution Service (PDS), adding that the company has not been sold.

He explained that ECG has retained all the network assets and is also liable for debts incurred prior to the transfer of its operations to PDS.

He noted that ECG would sell energy in bulk to PDS, which would in turn pay for the energy consumed and make lease payments to ECG for using ECG’s networks.

According to him, PDS Ghana Ltd, as the distributor, would handle and manage on behalf of ECG, all legacy (outstanding) issues, revenue collection and unpaid bills prior to the transfer date on March 1, 2019.

He added that PDS would collect all outstanding monies customers owe to ECG on its behalf.

Ing. Boakye-Appiah explained that leveraging on its expertise in the energy sector, ECG is turning its training school into a training and consultancy services provider.

“We are exploring other business opportunities in the energy sector.

“We have maintained our headquarters building – Electro Volta House.  Our presence will be felt in all the political regions where PDS operates as part of our monitoring role.

“ECG will discharge its obligations under all existing contracts signed prior to the transfer,” he added.

He said ECG has appointed PDS as the agent for completion of all Capital Works in Progress (CWIPs), but ECG would be responsible for payments to contractors/vendors.

The MD explained that ECG’s training centre is one of the strategic assets that were not transferred to PDS.

“Prior to the transfer, the centre had trained more than 4,000 personnel in various critical skills in the power utility sector.

“The centre also trains utility service workers from the military, hospitals, factories, our sister companies – GRIDCO & NEDCO, as well as engineers from the West Africa sub-region, notably Sierra Leone and Liberia.

“As part of its new business focus, ECG will leverage on its 50 years of experience and the huge intellectual capital at its disposal to provide training and consultancy services focusing on the energy sector.

“The ECG’s training school is the strategic competence development centre of the company providing technical and non-technical training to serve ECG, VRA, GRIDCo, NEDCO and other utilities in West African sub-region.

“It has been accredited by the National Board for Professional and Technician Examinations (NABP TEX).

“The training programmes cover technical areas for organisations within the energy sector, mining oil exploration and providing in-service trainings, tailored programmes for organisations, refresher programmes and engineering basics for non-engineers in engineering fields,” he added.

Ing. Boakye-Appiah urged the general public to take advantage to patronise its training centre and enjoy first-class training facilities.

He assured that ECG would continue to play a key role in Ghana’s energy sector as a responsible asset owner safeguarding the value and condition of the distribution network and ensuring PDS’ compliance with the Concession Agreement.