3 months ago
36 ARTICLE AD
The Minister of State at the Ministry of Energy, Herbert Krapa, has urged ECOWAS member states to prioritise regional integration and multilateral partnerships in order to help address energy challenges confronting the region.
He stressed that the pursuit of energy security in West Africa required a holistic approach that considers geopolitical dynamics, promotes sustainable development, and fosters regional cooperation.
“By embracing these principles, West Africa can harness its energy potential to drive economic growth, enhance regional stability, and contribute to global energy security,” he stressed.
Mr Krapa made the call at the opening of the 9th ECOWAS Regional Electricity Regulatory (ERERA) forum yesterday in Accra on the topic ‘Geopolitical Dynamics and Energy Security: Implications for the West Africa Region.’
The forum is being organised on the theme ‘Electricity Trade Security in ECOWAS Region: The Interplay between National Policies and Free Market.’
It has offered the region’s energy experts the platform to identify best practices and opportunities to build and safeguard energy security in the region, aiming to develop a regional electricity market in ECOWAS.
The experts include ministries in charge of energy, parliamentarians, academics, researchers, consumer groups, regulators, operators, investors, civil society groups, as well as financial and technical partners.
They are expected to discuss mechanisms for resolving disputes and enforcing agreements related to electricity trade within the region, analyse the role of national policies in shaping electricity trade security within the ECOWAS region.
Other issues for deliberation are free market principles in cross-border electricity trading countries, and the challenges and opportunities presented by the interplay between national policies and free market principles in ensuring electricity trade security along the value chain.
Mr Krapa noted that electricity trade security in the ECOWAS region had become increasingly critical, as the region faced significant energy challenges despite its immense potential and profound challenges.
“We are blessed with abundant natural resources, including vast reserves of oil and gas, sunshine, and wind, and the region has emerged as a pivotal player in the global energy landscape. However, this wealth comes hand in hand with complex geopolitical dynamics that shape both regional stability and international relations,” he added.
Mr Krapa stated that proactive engagement with international financial institutions and development partners could help facilitate access to financing and technical expertise to develop critical energy infrastructure projects, while geopolitical tensions and inconsistent policies could deter investments.
He called for cohesive international relations strategies to promote stability, cooperation, and sustainable development across the region.
The Chair of ERERA, MrKocou Laurent Rodrigues, in his opening remarks, said the region should strive to be interdependent in energy supply, work together to build infrastructure and electricity systems.
He indicated that they would identify innovative financing as well as build institutional and legislative frameworks toward a unified and prosperous competitive regional electricity market.
He further noted that ERERA, since 2009, had been working with all actors in the regional electricity sector to establish a credible,coherent institutional and legal environment for the development of a unified and prosperous regional electricity market.
The Chair charged the experts to take advantage of the opportunity and make decisions acceptable to all parties toward achieving the objectives of the forum.
BY LAWRENCE VOMAFA-AKPALU
