Managing Director’s Speech at the 2023 COMESA Business Forum

Theme: Economic Integration for a Thriving COMESA, Anchored on Green Investments, Value Addition and Tourism

This speech was delivered at the COMESA Business Forum on 7 June 2023 by Verona Mwila Nkolola, Head – Corporate Communications, on behalf of CEC’s Managing Director, Owen Silavwe.

I acknowledge and stand by the protocols observed.

Allow me to begin by welcoming all foreign delegates present to Zambia. In Zambia we say we are One Zambia, One Nation, I believe that we are one Africa.

Not many of you may know who we are as Copperbelt Energy Corporation so I will provide context about who we are.

We have been in existence for about 70 years, starting out as the first power utility, operating initially as the Copperbelt Power Company (CPC), then as the Power Division of the Zambia Consolidated Copper Mines. In 1997 the power division was privatized, birthing Copperbelt Energy Corporation (CEC).

We are an indigenous entity, listed on the Lusaka Securities Exchange. Our share holding comprises 31.01% ownership by Zambia Consolidated Copper Mines Investment Holdings, 21.8% listed on the Lusaka Securities Exchange, 13.23% owned by Zambia Energy Corporation and 34% by Standard Chartered Private Equity.

Over the years, we have invested in infrastructure which has supported the transmission of power to the mining sector, specifically to the mines on the Copperbelt, and in the DRC.

Our assets comprise over 1000 km of distribution and transmission lines and 45 substations serving 13 customers in Zambia and 16 customers in the Democratic Republic of Congo.

Our core business involves the sourcing and transporting of power locally and from within the Southern African region taking advantage of our membership in the Southern Africa Power Pool (SAPP).

We add value to the power that we supply by including energy/power backup supply for our customers.

It goes without saying that as economies rebuild and grow, the demand for power increases. What then becomes a challenge to power utility companies is the need to invest in infrastructure to support the generation and distribution of power.

As of 2021, the installed power generation capacity within the COMESA region stood at 92,000 mega watts with over 69% being thermal generated and 30% hydro generated power.

Despite countries such as the DRC, Tanzania, Zambia and Ethiopia having vast hydro generation potential, the source largely remains untapped. It is said that DRC, Tanzania, Zambia and Ethiopia alone could meet the energy gap in the region.

We take cognizance of the progress that continues to be made in the region with regards the formation of policies and frameworks that are key to supporting the trade of energy, such as the Regional Harmonization of Regulatory Frameworks and Tools for Improved Electricity Regulation in COMESA, the power trade agreements being signed between countries in the region, and further the efforts in developing infrastructure in the region particularly the Zambia-Tanzania-Kenya interconnector to connect the East Africa Power Pool and the Southern Africa Power Pool.

The gap that remains however is the establishment of renewable energy and energy efficiency strategies that will allow for the integration of renewable resources into the regional power grid.

As CEC we have built renewable energy generation capacity which feeds into our power network. Currently we have built a solar power plant that is generating 34 mega watts and we are looking to expand the renewable energy generation to 100 megawatts with the completion of our 64-megawatt solar plant that is currently under construction and will be commissioned before the end of this year. We have taken our commitment to renewable energy generation a step further by establishing a subsidiary, CEC Renewables whose core focus will be the generation of renewable energy. This, will strengthen our role in the energy transition and contribute to achieving the right energy mix in Zambia and in the region.

Delegates, ladies and gentlemen what we have been able to achieve this far has been possible on the backend of sound policies and strong partnerships.

CEC is open for business and the building of partnerships that will spur the generation and trading of power in the region.

We are alive to the current era we are in, where collaboration is increasingly necessary. We are keen to see the implementation of the frameworks that will address the challenges we currently face in trade within the region to ensure that we become a self-sufficient region.

I thank you for your kind attention.