SUNBIZ

$20m dividend first payout, FEA increases footprint

  Fiji Electricity Authority yesterday paid out a dividend of $20million to the Fijian Government. It was the first dividend paid by the now state owned enterprise in 51 years.
08 Aug 2017 11:00
$20m dividend first payout, FEA increases footprint
Kamal Gounder Principal Economic Planning Officer, at the Ministry of Economy, Fiji Electricity Authority CEO, Hasmukh Patel, FEA chairman Daksesh Patel, Attorney-General and Minister for Economy Aiyaz Sayed-Khaiyum, Deputy Chair FEA Board, Gardiner Whiteside, Permanent Secretary for Public Enterprises, David Kolitagane and FEA Acting CEO Bobby Naimawi. Photo: Office of the Attorney-General.

 

Fiji Electricity Authority yesterday paid out a dividend of $20million to the Fijian Government.

It was the first dividend paid by the now state owned enterprise in 51 years.

The payment was handed to the Attorney-General and Minister for Economy, Aiyaz Sayed-Khaiyum.

Mr Sayed-Khaiyum acknowledged the Authority’s concerted efforts in service delivery in terms of increasing its footprint in the past few years.

Commenting on the rural electrification projects, Mr Sayed-Khaiyum said Government has put in unprecedented amount of money into infrastructure and the provision of electricity to ordinary Fijians throughout Fiji.

He added that the provision of electricity to rural areas is not just to connect people or to increase the productive capacity of the country and individuals but also gives a larger customer base to FEA.

Providing electricity is one of the key objectives which have changed the lives of people.

Children can now study till late hours, fishers and vegetable sellers can now preserve their goods, he said.

Mr Sayed-Khaiyum also highlighted the Government’s commitment to reducing 30 per cent of its carbon footprint by 2030 with the need to ensure more renewable energy sources contributed to the generation of electricity.

He said that FEA has been investing in new partnerships with Independent Power Producer (IPP) providers.

Mr Sayed-Khaiyum also highlighted the need for tariff reviews not for all ordinary Fijians but for those who are at the top end of electricity usage and those who might be using electricity for commercial gain.

There needs to be distinction in tariff pricing. Mr Sayed-Khaiyum said that the current distinction needs to be fine tuned and the scale needs to be balanced to ensure the economic activity remains vibrant, he said.

In terms of the Government guarantee, Mr Sayed-Khaiyum said that for number of years FEA had government guarantees worth of $400 – $500 million.

FEA had come up with new businesses approach and ways to deal with other partners both inside and outside the organisation, he said.

FEA chairman Daksesh Patel in his comment said, rural electrification was at its highest level this year.

Mr Patel acknowledged the hard work of all the FEA staff members who are the reasons for the organisation’s success. He also appreciated the support of the government.

“Everything good comes with a cost,” he said.

The total allocation towards rural electrification in the 2017-2018 budget is $42.6 million.

Feedback:  selita.bolanavanua@fijisun.com.fj

 



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