The West Africa Energy Market is set to be launched this year, June to help address energy challenges in the ECOWAS sub-region.
It will be held in Cotonou in the Republic of Benin.
The aim of the energy market is to enable member states sell their energy at commercial prices to attract investors in the ECOWAS sub-region.
Chairman for ECOWAS Regional Electricity Regulatory Authority (ERERA), Professor Honore Bogler, explained that the energy market would regulate cross-border electricity connections and trading among ECOWAS member states.
According to him, it will help establish a clear and transparent tariff setting methodology for regional power pooling.
He indicated that, progress has been made with documentation and other necessities for the launch of the phase one of the energy market from June 25 to 29 in Cotonou.
Prof. Bogler said, the market would enable the member states to sell their energy at competitive prices.
He noted that, it would be using the regional transmission lines as well as relying on existing national transmission grids.
According to the Regional Market Rules approved by ERERA, once the first phase of the Market begins, any new contract for the purchase and sale of energy among market participants must comply with the regulation in the “Procedures for Access to the WAPP Transmission Services”.
ERERA is the regulator of the West African regional cross-border trade of electricity and the regional regulator of cross-border electricity inter-connections.
Its main objective is to ensure the regulation of inter-state electricity exchanges and to give appropriate support to national regulatory bodies or entities of the member states.
Report by: Stephanie Horsu