The Chief Executive Officer of the Electricity Regulatory Authority of Uganda, Ziria Tibalwa Waako, has said the Independent Regulatory Board (IRB) has received approval of $5.4 million (Shs 20b) from the African Development Bank (AfDB) for the operationalisation of the Eastern Africa Power Pool (EAPP), which is aimed at providing reliable and affordable electricity in the region.
“We came together as regulators of Eastern Africa to operationalise the regional power pool to ensure that the region enjoys renewable, affordable energy resources to fuel its economy,” she said.
Waako made the remarks at the close of the 7th annual Board Meeting of the Independent Regulatory Authority (IRB) of the Eastern Africa Power Pool (EAPP), held in Entebbe on Wednesday.
“We got approval from the African Development Bank to equip this office. We have also got approval from the World Bank today (Wednesday) for the consultant who is going to prepare the market rules as well as the market trading platform,” she said.
Waako, who also doubles as the chairperson of the IRB of the Eastern Africa Power Pool, said this is to ensure that member countries meet the two broad agendas of transforming their economies into industrial economies in order to create employment and seek improved welfare for their societies.
“The IRB was established in 2005 as an organ of EAPP anchored in COMESA but operationalised in 2012 when it was allowed to exercise its independence. Since then, we have been putting in place relevant organs to ensure that we establish ourselves to a level where we are now approaching the operationalisation of the IRB,” she said.
The lead coordinator at the IRB, Ephrem Tesfaye Belayneh, said the next steps for the IRB will be furnishing the offices and buying necessary equipment, which will benefit the member countries in many ways in addition to cheaper power.