The objective of the initiative is to facilitate the efficient utilisation of regional energy infrastructure to further enhance regional electricity trade.

This was made possible through the ECOWAS Regional Electricity Regulatory Authority (ERERA), in collaboration with the African Development Bank (AfDB).

Speaking at the launch yesterday, Manager, Energy Policy, Regu­lation and Statistics, AfDB, Mr Callixte Kambanda, said an inte­grated power market would help shape Africa’s energy transition pathway.

This, according to him would allow the sustainable and cost-ef­fective exploitation of the diverse energy resources of the continent, especially renewable energy, in more endowed countries and shared with less endowed coun­tries.

“A consistent and coordinated approach to addressing key region­al energy infrastructure deficits, particularly regional intercon­nections, supported by relevant Institutional, Policy and Regulatory Reforms at the regional level will be required to achieve a fully inte­grated, competitive, and harmon­ised electricity market in Africa as envisaged under the African Single Electricity Market (AfSEM),” he said.

Mr Kambanda said AfSEM initiative being championed by the African Union Commission (AUC) aims to integrate various regional markets into a continental power market to further boost electricity exchange.

Furthermore, he said AfSEM would transcend multiple re­gional and national jurisdictions which calls for “harmonisation of policies, legislation, regulatory and institutional frameworks” especially at the regional levels to enhance greater coordination and cooperation as well as remove barriers to cross-border trade and investments.

Mr Kambanda said the bank’s flagship report, the Electricity Regulatory Index for Africa (ERI) recommended intensified efforts at the regional level for regulatory harmonisation.

He said the bank, therefore, embarked on programmatic tech­nical assistance to support regional entities to develop appropriate tools and frameworks and build capacities for harmonisation of regulatory frameworks.

The Chairman of ERERA, Mr Laurent Tossou, said through the support of the AfDB, ERERA aims to assist national regulato­ry bodies in acquiring adequate knowledge to enable them to carry out the necessary regulatory work in developing the regional market at the national level.

“The project seeks to provide tools for harmonising regulato­ry frameworks to facilitate the efficient and timely completion and utilisation of regional energy infrastructure through the elabora­tion of Regulatory and Utility Key Performance Indicators (KPIs) for ECOWAS Harmonised Compari­son of Electricity Tariffs (HCET) in ECOWAS and Cost Reflectivity Assessment,” he said.

He was optimistic that the proj­ect would also help to develop an Energy Information and Database Management System (EIDBMS), as well as the assessment of in­vestment bottlenecks and risks in ECOWAS Member States Electric­ity Sector.