“We are faced with rising commodity supply costs and inflation, which affects the competitiveness and growth of our economies. We are also facing strong growth in energy demand with infrastructure and supply that do not always meet the requirements in terms of availability and quality,” he stated.
He made the remarks at the 7th ECOWAS Regional Electricity Regulatory Forum held at Sir Dawda Kairaba Jawara Conference Centre in Banjul on 9 November 2022.
According to him, these factors show the inherent and structural difficulties of the current design and development of the electricity sector and power market.
“Providing sufficient energy to meet the requirements of a growing population with rising living standards will require strong commitments by policymakers,” he said.
He said the issue of mobilizing financing for the development of these infrastructure remains insufficient and crucial for states.
“The structural choices implemented in various countries limit the development of the regional electricity market (disparities in the organisation of the sector and the diversity of regulations). Therefore, there is a strong need for harmonisation (institutions and regulations) in order to create a coherent, stable and attractive investment framework in the region,” he added.
Chairman Tossou said that in addition to the above challenges, some member states are still far from the free trade provided in the Energy Protocol with uncertainties about the appropriate degree of opening to competition at the national level.
“The issue of energy security and independence of our countries remains a critical concern at the national and regional levels,” he stated, adding that the worrying energy situation could come from a concerted regional approach supported by strong political will and commitment from all stakeholders.
Mr Tossou highlighted the need for solidarity and cooperation in addressing the issue of energy security.
