PURC orders ECG to pay GHS446m to cash waterfall beneficiaries by end of April

The Public Utility Regulatory Commission (PURC) has ordered the Electricity Company of Ghana (ECG) to pay GHS446,283,706.29 before or by April 30, 2024, to ‘Category B’ beneficiaries under the cash waterfall mechanism.

The Category B beneficiaries include, the Volta River Authority (VRA), Bui Power Authority, BXC Solar, Meinergy, Safisana, Early Power, GNGC (Ghana Gas), and the Ghana Grid Company (GRIDCo), as well as some regulatory levies.

The amount represents actual revenue collected and declared by ECG and approved by the cash waterfall mechanism Standing Committee for payment from August 2023 to February 2024, which remained unpaid.

In a regulatory order to ECG on Monday, April 15, the Commission stated that: “In the event of failure to pay by the said date [before or by April 30], the Board Members and Management of ECG shall be held liable.”

Meanwhile, the Commission has imposed a regulatory charge of 3,000 penalty units (GHS36,000) on ECG for failure to submit details of all bank accounts to the Commission by a stated date.

The said amount is to be paid by ECG to the Commission on or before 22 April 2024.

“Thereafter, for every working day that the requested details remain outstanding, ECG shall pay an additional regulatory charge of 3,000 penalty units, calculated daily until the date of compliance,” PURC stated.