ZESCO Limited’s Managing Director, Eng. Victor Benjamin Mapani, today engaged with the media, providing key insights into the performance and achievements of the national power utility’s 10-year rolling strategic plan spanning 2022 to 2031.
Among the significant highlights shared by Eng. Mapani is the substantial reduction of ZESCO’s debt owed to Independent Power Producers (IPP) and subsidiary companies.
As of October 2023, he said that the debt has been lowered from US$1.7 billion to US$1.1 billion, showcasing a positive trajectory in the company’s financial standing.
An exciting development is the progress made in the Chama-Lundazi Grid Connection project. The project’s cost has been significantly slashed from US$69 million to below US$30 million while maintaining the same scope. Phase one of the project is on track for commissioning by December 13st, 2023.
In addition to infrastructural advancements, Eng. Mapani provided a comprehensive update on ZESCO’s solar energy projects, highlighting the company’s collaboration with various partners to bolster its renewable energy portfolio.
In a bid to achieve financial sustainability, ZESCO has realized a substantial saving of USD$11.6 million through Information and Communication Technology (ICT) contract optimization.
This involved converting most ICT contracts into internal initiatives, aligning with the company’s ongoing digital transformation journey.
Eng. Mapani emphasized ZESCO’s commitment to operational cost containment measures, citing successful enforcement of directives related to the responsible and efficient use of transport resources.
Additionally, the termination of high-rental office buildings has positively impacted ZESCO’s financial position, contributing to a more resilient and sustainable operation.
The Managing Director expressed confidence in the strategic plan’s overall trajectory, noting that these achievements underscore ZESCO’s dedication to financial prudence, innovation, and the pursuit of a cleaner and more efficient energy landscape for Zambia.
Eng. Mapani further stated that as ZESCO continues its journey towards energy resilience and sustainability, these milestones signify a promising future for the national power utility and contribute to the broader vision of a robust and dynamic energy sector in Zambia.