In accordance with Section 81(1) of the Securities Act No. 41 of 2016, the Board of Directors of Copperbelt Energy Corporation Plc (“CEC” or “the Company”) advises the Company’s shareholders, and the market, that the power purchase agreement or Bulk Supply Agreement (“BSA”) between CEC and ZESCO Limited (“ZESCO”), entered into on 21 November 1997 is expected to come to an end on 31 March 2020.
The Government of the Republic of Zambia (“GRZ”), through the Minister of Energy, and ZESCO have notified CEC of their position that the BSA will expire on the date stated above and will not be renewed.
CEC will, in the meantime, continue working closely with both the Government and ZESCO with the aim of arriving at a mutually acceptable solution post the BSA. GRZ and ZESCO have expressed to CEC their commitment to continue facilitating an efficient and economic supply of power to consumers on the Copperbelt both during the validity of and post the BSA. CEC wishes to emphasise its unwavering commitment to use its infrastructure and capabilities in ensuring continued and seamless supply of power to all consumers on the Copperbelt now and after the BSA.
By Order of the Board
Julia C Z Chaila
Issued in Lusaka, Zambia on Thursday, 2nd January 2020
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First Issued on 02 January 2020