With the completion of the construction and equipping of the West African Power Pool, (WAPP) Information and Coordination Centre (ICC), the organisation is finalising arrangements to commence day-ahead electricity trading in the regional market.
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.
Speaking at the WAPP 59th Executive Board Meeting held at Calavi, Cotonou, Benin Republic, on Friday, the executive board chairman and managing director/chief executive officer of the Transmission Company of Nigeria, TCN, Engr. Dr. Sule Ahmed Abdullaziz said that the regulatory document for activation of the next phase of the market is undergoing approval process at the ECOWAS Electricity Regulatory Authority (ERERA).
Abdulaziz disclosed that in preparation for the new phase of the electricity market in West Africa, Operators are currently undergoing training on the working of live trading system to ensure that once approval is granted, the transition would be seamless.
The WAPP henchman added that with support from the World Bank, the organisation is recruiting eleven new engineers to bolster the capacity of the Information and Coordination Centre, even as the study for the restructuring of the secretariat in fulfilment of legal requirements for an independent system and market operator has kicked off.
While intimating that the collective actions of members will determine what the market turns out to be, he noted that “building and equipping of infrastructure alone does not guarantee the success of the market, adding that equally important is the behaviour of the market participants. The advent of the market he noted requires discipline and competence in operations and management as well as in financial reporting. ”
Speaking on the new WAPP secretariat, which has been scheduled for inauguration in November this year, he said, “this will be a unique occasion for WAPP 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. ”
Earlier, the secretary general of the organisation, Mr. Siengui A. Ki, in his address, commended member utilities who paid their contributions to WAPP despite the COVID-19 pandemic and regional security crisis. He urged those who are 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, review the consolidated 2022 financial statement, validate programme of activities and 2024 budget as well as the WAPP business plan for 2024-2027.
Chairman, Strategic Planning, and Environmental Committee of WAPP, Engr. Kabiru M. Adamu, who is also the general manager System Planning, TCN, presented the WAPP Business Plan of the POOL for the next four years to the Executive Board for consideration and adoption.
The 59th session witnessed the admission of two new heads of utilities; the director general of SONABEL, Sulieman Ouedraogo and the new managing director of SBEE, Gabriel Degbegni, who are to serve as members of the WAPP Board .
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