Africa’s Number 1 Regional Power Event
“Meeting the technological, financial and regulatory challenges to ECOWAS energy ambitions”
This week, Dakar, Senegal plays host to West Africa’s No.1 Business to Business Green Power event, which will bring together the senior decision makers from across the fifteen members of the ECOWAS region.
West Africa has a population of 362 million that is set to grow by 2.2% per year as of 2016.
This gives the region a ranking of No.2 most populous by sub-region on the continent.
The forecasted economic growth for the region is expected to be 4.6% (2015 – 2016) compared to 6% (2010 – 2014). This is mainly attributed to the decline in oil price, but as we all know, the main inhibitor to growth on the African continent is down to the access to reliable and cost-effective power supply for homes and businesses.
West Africa has one of the fastest growing populations in the world, yet electrification rates are among the lowest – only 42% of the population on average has access. This figure drops to 8% in rural areas. Blackouts adversely affect business and stifle economic growth. According to figures from the World Bank, load-shedding costs the continent 2.1% of its GDP on average each year.
As with all of West Africa’s aging oil-based generation, fleet is not sufficient to support the targeted growth need. However, the declining cost of clean technologies brings new opportunities to improve energy supply. In 2012, West Africa’s 15 heads of state pledged to increase the share of renewable energy in the region’s overall electricity mix to roughly 10% in 2020 and 19% by 2030, through both grid and off-grid projects. The targets translate to an additional 2.4GW of renewable electricity capacity by 2020 and 7.6GW by 2030, according to the UN.
In real terms, demand targets can be met by increasing the energy generation mix and removing reliance on oil, with which the commodity price fluctuates hugely as we have seen over the last 3 years. In addition, adding more green power generation capacity in the form of gas, hydro, solar, wind and bio mass would help the situation.
This is exactly what the West African Power Summit is looking to assist with:
‘Meeting the technological, financial and regulatory challenges to ECOWAS energy ambitions’
The West Africa Power Summit hosted by Vale Media Group, the number 1 Sub-Saharan African B2B events company, will provide a platform to address some key challenges of investments for green energy power initiatives, developing new green power infrastructure, integrating green power assets to ageing grid infrastructure, regional power pooling and much more. We will bring together Ministries of Power & Energy, State Power providers, Public – Private partnerships (PPP), Independent Power Producers (IPP’s) and key solution providers to tackle some of the most pressing issues within the African Power industry.
In the ECOWAS region power companies will be looking toward the strategy for increased power capacity:
West African Power Pool, Ministry of Energy and Renewable Energy Development Senegal, Société National d’Éléctricité du Sénégal (SENELEC), l’Agence Nationale pour les Energies Renouvelables du Sénégal (ANER), Energie du Mali SA (EDM), CI Energies, Liberia Electricity Corporation, Volta River Authority, Power Africa and many more.
Ecowasbusinessnews.com is a media partner to the Summit