M a r k e t N e w s
East African countries move to harmonize regional energy policy
Posted on : Friday , 4th September 2015
As east Africa’s energy demands continue to raise, regional countries are looking to formulate a comprehensive policy on energy security and ease the conditions for investors in the sector. Speaking Monday at a meeting on policy framework in Kigali, Antonio Pedro the United Nations Economic Commission for Africa (UNECA), country director, said the absence of the policy has made countries lose out on opportunities and position themselves to benefit from regional trading.
The meeting was organized by Rwanda’s Ministry of East African Community, the Ministry of Infrastructure, the East African Community and UNECA. "There is a need to master future marketing techniques to avoid sudden changes occasioned by different circumstances whether global or regional.
"The petroleum products were at 100 US dollars a barrel for example previously, but we did not benefit significantly from those changes," he said. He added: "The policy will help us circumvent against price increases. "We need to master techniques for future purposes as part of our security options."
The policy could come into effect early next year. It will help countries strategize reserves of at least up to six months period up from current three months reserves. This would in turn help countries stabilize control fluctuating prices of oil products, mostly crude oil. Christian Rwakunda, Rwanda’s Permanent Secretary at the Ministry in charge of Infrastructure, said the policy will in the long run help address energy challenges.
"We need to work towards a proper demand and supply balance.
"Same applies to realizing our electricity targets but this can only be achieved through stronger policies both at the national and regional level," he said.
Energy security is a crucial aspect of energy sector management, participants said.
"Be it in the sustainable supply and use of woody biomass (wood and charcoal), affordable and reliable supply of electricity and reliable, affordable and stable supply of petroleum products, a regional energy security policy and coordination mechanism is timely."
"This inception meeting seeks to put country and regional project implementation plan and aims to develop a regional energy security policy framework based on country-by-country consultations."
Source : coastweek.com
