The Uganda Electricity Generation Company Limited (UEGCL) is staring at UGX 5 trillion outstanding loan obligations from Karuma and Isimba Hydro Power Projects. The loan obligations arise from UGX 1.3 trillion construction costs for the 183.2 Megawatts and UGX 3.8 trillion to the 600 Megawatts Karuma Hydro Power Project, according to the Auditor General’s report attached to the 2023 UEGCL annual performance report. The Auditor General, John Muwanga while assessing UEGCL’s financial statements noted that the company has so far accumulated interest amounting to UGX 447 billion on the Karuma Power Project loan, arising from the power plant’s inability to…
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April 1st, 2020, marked nineteen years since the power reforms that unbundled Uganda Electricity Board (UEB) was completed. Five agencies, namely Uganda Electricity Generation Company Limited (UEGCL), Uganda Electricity Transmission Company Limited (UETCL), Uganda Electricity Distribution Company Limited (UEDCL), Rural Electrification Agency (REA) and the regulator, the Electricity Regulatory Authority (ERA). One can argue that to a great extent the objectives of the unbundling as contained in the Electricity Act, 1999 that went into operation on 1st April 2001, have been achieved. This is especially if you consider the fact that as at 1999, a 51-year old UEB, had only…
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