CEC Unveils First Integrated Report, Showcasing Strong Performance and Sustainability Commitments
The Copperbelt Energy Corporation Plc (CEC) has released its first-ever Integrated Report, marking a major step towards transparency, accountability, and sustainable value creation. The report, unveiled by Board Chairperson London Mwafwilwa, highlights the company’s financial performance, environmental, social, and governance (ESG) commitments, and strategic expansion efforts.
Despite facing significant challenges, including the impact of drought on power supply stability, CEC demonstrated resilience by implementing strategic measures to ensure uninterrupted service delivery. The company recorded a revenue of US$ 547.7 million, reflecting a 43% increase from 2023, driven by growth in regional and local power sales. However, profits fell by 30% to US$ 96.9 million due to one-off transactions, including impairment of the Kabompo Hydropower Project.
CEC reinforced its commitment to renewable energy expansion with the commissioning of its second Solar PV Plant in Itimpi, boasting a generation capacity of 60 MWp. The company also successfully issued the second tranche of its Green Bond through its subsidiary, CEC Renewables, raising US$ 96.7 million to fund future renewable energy projects.
Further, CEC announced plans to expand its solar energy portfolio, including the second phase of the Itimpi Solar PV Plant, which will generate 136 MWp. These investments align with the company’s sustainability targets, with a firm commitment to achieving its green energy ambitions by 2027.
Infrastructure modernization remains a key focus, with increased investments in power transmission capacity to support expanding customer bases in Zambia and the Democratic Republic of Congo (DRC). CEC’s growth strategy also includes enhancing its DRC interconnector to facilitate increased energy trade in the region.
The company emphasized its dedication to corporate social responsibility (CSR) by investing US$ 2 million in community development projects. Notably, CEC handed over a refurbished ward and a newly constructed pediatric ICU to the Kitwe Teaching Hospital, valued at US$ 0.3 million.
In 2024, CEC bid farewell to three esteemed Board members: Mr. Derek Chime, Mr. Munakupya Hantuba, and Mr. Tisa Chama. The company welcomed new Board members Mrs. Mukwandi Chibesakunda and Mr. Christopher Mubemba, who are expected to contribute significantly to CEC’s strategic direction.
Looking ahead, CEC remains optimistic about growth opportunities, especially in renewable energy, open access market reforms, and increasing demand from the mining sector. The company is well-positioned to capitalize on these trends while maintaining its commitment to powering industries with reliable and sustainable energy.
Chairperson Mwafwilwa expressed gratitude to the management team, staff, shareholders, and business partners for their unwavering support. “As we move forward, we remain focused on innovation, sustainable growth, and value creation. We look forward to another year of success and progress,” he stated.
CEC’s first Integrated Report reaffirms its dedication to financial strength, sustainability, and stakeholder value, setting the stage for continued industry leadership in the years to come.
