NamPower pays dividend
The energy minister is happy with the payment from the national power utility company.
Augetto Graig - The national power utility company, NamPower, on Thursday presented minister of mines and energy Tom Alweendo with a dividend payment of N$82,6 million.
The state-owned enterprise is responsible for keeping the lights on in a country where prolonged drought and a weakening economy squeeze available resources.
At the event Alweendo said that government, as the only shareholder, needs its investments in state-owned enterprises to bear dividends.
Following immediately after the conclusion of its finale annual general meeting for the year, the minister said NamPower’s performance for this past financial year was exemplary despite difficult circumstances.
“Due to the drought we could not get much power from Ruacana, meaning we had to rely more on imports and our renewables.
“With the economy it was also difficult for Nampower to get customers to pay, with a number simply not in a position to pay off the debt owed. NamPower is still able to declare a dividend of N$82,6 million. For this I thank the board and management and am happy that we still have state-owned enterprises in a position to pay dividends to the shareholder,” he said.
NamPower board chairperson Kauna Ndilula noted that the power company had declared N$60,7 million dividends for the previous financial year ending 30 June 2018. She said they were aiming for N$100 million this year, but already contributed N$15 million towards drought relief earlier in 2019.
“For NamPower this was not a high flying year. It was a difficult year. Our debtors escalated significantly and we have had to make provisions. We are not untouched by the economic environment,” she said.
“We believe that government, like any other shareholder, should achieve both financial and social rewards from the investments they hold,” according to Ndilula.
“We trust that our ability to declare the dividend will make a meaningful, albeit small, contribution to the national treasury,” she said.
During the year in review NamPower had to import 71% of Namibia’s power needs from beyond borders. This was done through implementing bilateral agreements and trading with partners in the southern African power pool, managing director Simson Haulofu explained.
Alweendo admits “the importation figure worries me. We have committed to investment to change that figure and set the target that in three years we will not import more than 30% of our needs.”
Ndilula confirmed that NamPower plans N$15 billion worth of investments into generation capacity and transmission infrastructure.
Haulofu said that one of these transmission projects is to establish a second route for power to flow from South Africa into Namibia.
In November Namibians got a scare when a blackout cut the lights all over the country. The cause was a technical fault that occurred on a transformer on the Kokerboom-Aries 400 kV line to South Africa, causing a loss of power supply affecting the central, coastal area, and most parts of the northern regions, NamPower said at the time. - [email protected]
The state-owned enterprise is responsible for keeping the lights on in a country where prolonged drought and a weakening economy squeeze available resources.
At the event Alweendo said that government, as the only shareholder, needs its investments in state-owned enterprises to bear dividends.
Following immediately after the conclusion of its finale annual general meeting for the year, the minister said NamPower’s performance for this past financial year was exemplary despite difficult circumstances.
“Due to the drought we could not get much power from Ruacana, meaning we had to rely more on imports and our renewables.
“With the economy it was also difficult for Nampower to get customers to pay, with a number simply not in a position to pay off the debt owed. NamPower is still able to declare a dividend of N$82,6 million. For this I thank the board and management and am happy that we still have state-owned enterprises in a position to pay dividends to the shareholder,” he said.
NamPower board chairperson Kauna Ndilula noted that the power company had declared N$60,7 million dividends for the previous financial year ending 30 June 2018. She said they were aiming for N$100 million this year, but already contributed N$15 million towards drought relief earlier in 2019.
“For NamPower this was not a high flying year. It was a difficult year. Our debtors escalated significantly and we have had to make provisions. We are not untouched by the economic environment,” she said.
“We believe that government, like any other shareholder, should achieve both financial and social rewards from the investments they hold,” according to Ndilula.
“We trust that our ability to declare the dividend will make a meaningful, albeit small, contribution to the national treasury,” she said.
During the year in review NamPower had to import 71% of Namibia’s power needs from beyond borders. This was done through implementing bilateral agreements and trading with partners in the southern African power pool, managing director Simson Haulofu explained.
Alweendo admits “the importation figure worries me. We have committed to investment to change that figure and set the target that in three years we will not import more than 30% of our needs.”
Ndilula confirmed that NamPower plans N$15 billion worth of investments into generation capacity and transmission infrastructure.
Haulofu said that one of these transmission projects is to establish a second route for power to flow from South Africa into Namibia.
In November Namibians got a scare when a blackout cut the lights all over the country. The cause was a technical fault that occurred on a transformer on the Kokerboom-Aries 400 kV line to South Africa, causing a loss of power supply affecting the central, coastal area, and most parts of the northern regions, NamPower said at the time. - [email protected]
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