Regional energy market boosts socio-economic integration in Africa

Addis Ababa, February 3, 2024 (FBC) – Sultan Wali, Minister of State for Energy Sector at the Ministry of Water and Energy stated that regional energy trading is important for bolstering socio-economic ties between African countries.

The state minister made this remark at the fifth Tanzania Energy Cooperation Summit held in Arusha, Tanzania from January 31 to February 1, 2024.

The state minister expounded on the multifaceted benefits of regional energy market, emphasizing its role not only in promoting renewable energy utilization but also in fostering the establishment of a unified electric power market. Recognizing the substantial investment required for energy development, Ethiopia has diligently crafted favorable conditions to encourage private sector engagement in the realm of renewable energy.

Moreover, he highlighted the ongoing energy sector reform, the promulgation of investment proclamations, and the formulation of a robust legal framework as instrumental in facilitating public-private partnerships within the sector. These strides, he affirmed, create an enabling environment for private sector investments in energy development.

The state minister affirmed his country’s commitment to augmenting regional power connectivity which signals a concerted effort to strengthen collaborative energy initiatives across borders.