{"id":236543,"date":"2016-08-03T18:20:21","date_gmt":"2016-08-03T18:20:21","guid":{"rendered":"http:\/\/citifmonline.com\/?p=236543"},"modified":"2016-08-03T18:20:21","modified_gmt":"2016-08-03T18:20:21","slug":"parliament-passes-new-647m-400mw-power-deal","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2016\/08\/parliament-passes-new-647m-400mw-power-deal\/","title":{"rendered":"Parliament passes new $647m 400MW power deal"},"content":{"rendered":"<p>Parliament today [Wednesday] passed a US$647 million power deal that will see Early Power Limited construct, fuel and maintain a 400 megawatt power plant.<\/p>\n<p><strong>Citi News<\/strong>\u2019 Duke Mensah Opoku reported that the 20-year deal was passed amidst vehement opposition from the Minority in parliament.<\/p>\n<p>[contextly_sidebar id=&#8221;U5kjEnlfyj8wB8mmkH5x79s5Oqd7R1qU&#8221;]Concerns had been raised that the stated total cost is exponentially higher than the average international cost of constructing such a plant in the industry.<\/p>\n<p>Industry watchers say a 400 megawatt plant should on average cost around US$600 million.<\/p>\n<p><strong>Deal capped at\u00a0$647 million<\/strong><\/p>\n<p>The Deputy Minister of Power, John Jinapor had been defending the power deal when it was proposed and he made further attempts to assure the House that it was in the interest of end users and also government.<\/p>\n<p>He also noted that the amount was capped at $647 million.<\/p>\n<p>According to Mr. Jinapor, \u201cIt is out there that Parliament is approving a $953 million project which is inaccurate.\u201d<\/p>\n<p>\u201cThe report says that the project is capped at $647 million so let no one go out there and create the impression that Parliament did not do a good job and that Parliament approved a $953 million project cost instead of the $647 million.\u201d<\/p>\n<p><strong>About the power deal<\/strong><\/p>\n<p>Documents that were made available to\u00a0Citi News revealed that, the agreement for the\u00a0<span style=\"color: #666699;\"><strong><a style=\"color: #666699;\" href=\"http:\/\/citifmonline.com\/2016\/07\/25\/mahama-okays-new-953m-400mw-power-deal\/\">400MW\u00a0combined cycle gas turbine power plant<\/a><\/strong><\/span>\u00a0to be situated in Tema, will be executed by Early Power Limited, a company incorporated in Ghana only in October 27, 2014.<\/p>\n<p>Early Power Limited entered into the agreement with the Government of Ghana, together with the Electricity Company of Ghana (ECG), Sage Petroleum Limited, Endeavor and EPL Holdings Cooperatie, UA, General Energy Investments (GE) IBV, and Quantum Gas Terminals.<\/p>\n<p>The project will involved the development, ownership, operation and management of the 400 MW Combined Cycle Plant to be fueled by either Liquefied Petroleum Gas (LPG) or Natural Gas (NG) for a 20-year period by Early Power Limited in Tema, strategically close to the Tema Oil Refinery (TOR).<\/p>\n<p>Beyond the 20-year period, the power plant will transfer to a nominated entity by the Government of Ghana at a purchase price of US$1.00.<\/p>\n<p>&#8211;<\/p>\n<p>By: Delali Adogla-Bessa\/citifmonline.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Parliament today [Wednesday] passed a US$647 million power deal that will see Early Power Limited construct, fuel and maintain a 400 megawatt power plant. Citi News\u2019 Duke Mensah Opoku reported that the 20-year deal was passed amidst vehement opposition from the Minority in parliament. [contextly_sidebar id=&#8221;U5kjEnlfyj8wB8mmkH5x79s5Oqd7R1qU&#8221;]Concerns had been raised that the stated total cost is [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":230243,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[10,11],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Parliament passes new $647m 400MW power deal - Citi 97.3 FM - Relevant Radio. 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[contextly_sidebar id=&#8221;U5kjEnlfyj8wB8mmkH5x79s5Oqd7R1qU&#8221;]Concerns had been raised that the stated total cost is [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/citifmonline.com\/2016\/08\/parliament-passes-new-647m-400mw-power-deal\/\" \/>\n<meta property=\"og:site_name\" content=\"Citi 97.3 FM - Relevant Radio. 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