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$39.7 Million Profit Recorded In 2015: Annual Report

$39.7 Million Profit Recorded In 2015: Annual Report
Parliamentary Standing Committee on Economic Affairs chairperson Lorna Eden . Photo: Simione Haravanua
April 17
10:13 2018

It was a marked improvement over the $0.97m turnover in 2014

The Fiji Electricity Authority 2015 Annual Report was presented for debate in Parliament yesterday.

The Parliamentary Standing Committee on Economic Affairs chairperson Lorna Eden said the FEA Annual Report 2015 tabled on 22nd March, 2017 clearly showed that the company was in control of the needs of the country in terms of electricity generation and transmission.

“It was doing extremely well in that respect and recorded a profit of $39.7million after tax which was a marked improvement,” Ms Eden said.

“The FEA carried out capital expenditure works the same year totaling around $80.6m and repaid matured bonds and loans around $56.8m. It also funded around $14.3m of the Monasavu Hydro-Scheme for repair and maintenance works.”

She said in 2015 FEA’s total asset value exceeded $1billion.

She said the committee felt that FEA was well structured to realise its mission.

That is to provide clean and affordable energy solutions to Fiji with at least 90 per cent of energy requirement through renewable resources by 2025 in line with Sustainable Development Goal (SDG) Seven.

“We were pleased with the report and commended FEA based in the 2015 annual report,” Ms Eden said.

Opposition MP Biman Prasad said looking at FEA plans to get 90 per cent renewable energy by 2025, he was not sure if this was a realistic plan and whether FEA would be on target to achieve this.

Given the opportunity to speak as a consumer, Opposition MP Mere Samisoni said over the last four weekends in Lami area they had power cuts.

She was unhappy with the service as a consumer, MP and concerned citizen.

In debating and noting the content of the annual report, there was no opposition and it was approved.

Edited by Percy Kean




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