Janet Samuel, Abuja
The Economic Community of West Africa State ( ECOWAS) Parliament has unanimously approved three draft Community Acts, as it moves towards establishing a Regional Electricity Market (REM) within the member states.
The Acts, which were approved during the ongoing Parliament’s Second Ordinary Session on Monday aimed at developing a legal and institutional framework for the REM.
The Acts, include; Draft Regulation on ECOWAS Regional Electricity Market Levy, Draft Regulation on the Surveillance of ECOWAS Regional Electricity Market and Draft Directive on the Harmonisation of Criteria for the Granting of Licences and Authorisations to Participate in the ECOWAS Regional Electricity Market.
The REM is expected to bring a number of benefits to ECOWAS member states, including increased access to electricity, lower electricity prices, and improved reliability of electricity supply.
Speaking, the Chairman of the ECOWAS Parliament’s Committee on Energy and Mines, Hon. Fougou Boukar, opined that, “The approval of this draft Community Acts is a major milestone in the development of the REM and has the potential to transform the energy sector in ECOWAS and bring significant benefits to our citizens.”
Also speaking, the Chairman of the ECOWAS Parliament’s Committee on Industry and Private Sector, Hon. Mamadou Sako, explained that, “The REM will help to reduce our reliance on imported fossil fuels and promote the use of renewable energy sources.” He also said, “the REM will contribute to a more sustainable and environmentally friendly energy future for ECOWAS.”
The draft Community Acts will be submitted to the ECOWAS Council of Ministers for approval. If approved by the Council, the Acts will become law and will pave the way for the full implementation of the REM.
The REM is expected to be implemented in phases, with the first phase focusing on the interconnection of national electricity grids. The second phase will focus on the harmonization of market rules and the establishment of a regional power trading platform.
The ECOWAS region is currently characterized by fragmented electricity markets, with limited cross-border trade in electricity. This has led to high electricity prices, unreliable supply, and limited access to electricity for many citizens. The REM is aimed at addressing these challenges by creating a single, integrated electricity market for the region.
