The ECOWAS Electricity Regulatory Authority (ERERA) has pledged to fast track cross border electricity trade in line with international best practice in order to address the power challenge in the sub-region.
Prof. Honore Bogler, Chairman of ERERA disclosed this to the News Agency of Nigeria on Tuesday in Abuja during the 82nd Ordinary Session of the ECOWAS Council of Ministers Meeting.
He said that ERERA was working round the clock with ECOWAS member states and relevant stakeholders to ensure a cost effective tariff system for the regional electricity market.
“We have a lot potentials and resources in the region such as oil, gas, wind and sunlight for the electricity market.
“Our major challenge has been funding and infrastructure to harness these resources and get it to the consumers in member states.
“That is why ERERA has come on board to create an electricity power pool and supervise the market for effective trade and power supply for the sub-region,” he said.
Bogler said that ERERA was working with international donors and specialised agencies to improve infrastructure and the power situation in ECOWAS.
Three members of the ECOWAS Electricity Regulatory Council were earlier sworn in at the ECOWAS meeting.
They include Bogler as Chairman, Dr Haliru Dillon (Economist) and Mr Aly Ndiaye (Engineer).
The inauguration of the Council would help in the smooth take off of the second phase of the regional electricity market in 2020.
The Regional Electricity Market which is coordinated and regulated by ERERA and the West African Power Pool (WAPP) was planned in three phases.
The first phase is transitional for two years while the second phase kick starts by 2020 with a competitive market.
The third phase is a long term vision dependent on the availability of adequate regional transmission capacity and enough generation reserve in member States.