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BUSINESS NEWS
February 22, 2008 12:00:00 AM
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The Fiji Electricity Authority has recorded a profit of $14 million during the 2007 financial year, a major turnaround over the previous year.

In 2006, the company reported a loss of $12.3m due to diesel generation exceeding hydro generation and high fuel costs.

In a presentation to the Minister for Public Enterprises, Aiyaz Sayed-Khaiyum yesterday, the FEA said it aims to provide renewable energy for the entire nation by 2010 which could reduce its high diesel consumption by 30 per cent.

FEA Chairman, Nizam-Ud -Dean made this statement when he presented the Company’s Corporate Plan from 2008 to 2010 to the minister.

Ud-Dean highlighted that the high escalating diesel costs is becoming unsustainable not only in terms of FEA’s operational costs but, is also draining a lot of money from the country.

In order to reduce reliance on diesel fuel, the state-owned corporate utility aims to provide alternative energy sources for electricity generation for the entire country by 2010. 

This will reduce the vicinity of diesel consumption by 30 per cent.

Sayed-Khaiyum said he was pleased with the presentation and expressed that FEA must include new private suppliers of energy to the existing electricity grid.

“I believe that Fiji Sugar Corporation and Tropik Drasa in Lautoka are two major suppliers right now and I am told that Tropik Nadi will be coming in by 2010,” said Sayed-Khaiyum.

The minister said he was pleased to learn that an expression of interest has been put out on the construction of Nadarivatu Hydro scheme costing around $120m. 

A similar project for Taveuni is being considered as well.

On improving FEA’s infrastructure, Sayed-Khaiyum was assured that street lights between Nadi and Lautoka should be up and running by March end this year.

The minister also highlighted the need for citizens of our country to have access to electricity from a grid that is reliable and affordable at all times.

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