EFL: $150m worth of ageing assets
28 June, 2019, 2:20 pm
AGEING assets worth $150 million has placed a huge burden on ensuring Energy Fiji Ltd customer demand is met.
This is according to CEO Hasmukh Patel at a recent consultation with business owners in Nadi.
He said the company needed more revenue to upgrade these assets.
“In a nutshell, we have $150m worth of ageing assets that I have already started to replace,” he said.
“Over the last five years, I’ve started refurbishment works on Monasavu and I’ve spent more than $65m but I need $30 to $40m to finish it over the next two years.
“That will give me another 30 years from that plant.”
He said the Monasavu Hydro Scheme had been one of the most important developments for Fiji’s energy sector.
“The Monasavu Hydro Scheme was one of the best things that the late Ratu Mara did for this country because if it wasn’t for Monasavu, I believe Fiji would be like the Solomon Islands.
“Solomon Islands charges $F1.47 a unit but in Fiji it’s 37 cents a unit on average and the reason is because they don’t have a hydro and we have one.
“However, our hydro plant is 35 years old. This particular asset needs to be upgraded. If you leave it for too long, then one day it’s going to fail.”
Mr Patel added that the company has put together a Power Development Plan that would provide vital information of customer and network growth.