{"id":47664,"date":"2023-04-14T11:37:27","date_gmt":"2023-04-14T11:37:27","guid":{"rendered":"https:\/\/www.africa-press.net\/uganda\/all-news\/era-verifying-umeme-assets-to-determine-buyout-amount"},"modified":"2023-04-14T12:26:56","modified_gmt":"2023-04-14T12:26:56","slug":"era-verifying-umeme-assets-to-determine-buyout-amount","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/uganda\/all-news\/era-verifying-umeme-assets-to-determine-buyout-amount","title":{"rendered":"ERA verifying Umeme assets to determine buyout amount"},"content":{"rendered":"

Africa-Press – Uganda. <\/strong><\/span>Electricity Regulatory Authority (ERA) has said it is in the process of conducting a cost analysis for the Umeme concession buyout, which, among others includes verifying recoverable investments.<\/p>\n

Speaking in an interview yesterday, Eng Ziria Tibalwa Waako, the ERA chief executive officer, told Monitor<\/b> the process to verify investments was yet to be completed, adding that the final buyout amount is expected to be revealed in March 2025 after the Auditor General has conducted cost and technical audits.<\/p>\n

\u201cWe haven\u2019t completed the verification process. It is just ongoing. I have seen numbers in newspapers. I am not sure who is giving those numbers,\u201d she said, declining a request to estimate how much government would need for the buyout.<\/p>\n

\u201cI cannot give you a figure before the process has been completed,\u201d she said.<\/p>\n

However, on Tuesday Energy Permanent Secretary Irene Bateebe, had told the Parliamentary Committee on Environment and Natural Resources that the Umeme buyout, as of December last year, stood at Shs799b ($215m), which would be subject to an investment cost analysis.<\/p>\n

Government last year indicated it would allow Umeme\u2019s 20-year concession to come to a natural end. The concession is due to expire in 2025.<\/p>\n

Electricity distribution is expected to revert to government under a new company that will be in charge of Uganda\u2019s power sector.<\/p>\n

Government is also trying to boost capacity of Uganda Electricity Distribution Company Limited (UEDCL), which owns the assets that were concessioned to Umeme.<\/p>\n

Ms Bateebe, during the Parliamentary meeting, told MPs that UEDCL would require at least Shs587b ($158m) to invest in the distribution system in the next three years.<\/p>\n

However, she said, Umeme is currently investing in some assets, part of which is recovered through tariffs.<\/p>\n

\u201cOn an ongoing basis, Umeme is investing and ERA has a recovery mechanism where they recover part of this investment from the tariff. The Umeme concession and the asset remained on the books of UEDCL and the agreement provides for an option where UEDCL can come in and invest today,\u201d she said.<\/p>\n

Ms Bateebe also said UEDCL, whose assets were leased to Umeme, needs a capitalisation of $64m ( as a way of building its capacity), which will form part of government\u2019s plan to fully takeover the electricity sector.<\/p>\n

Umeme is currently Uganda\u2019s largest power distributor with a customer base of about 1.75 million connections on the national grid.<\/p>\n

In its financial report for the period ended 2022, Umeme indicated it would execute its mandate of electricity distribution up to the very end of concession before, transitioning and handing back leased assets to government.<\/p>\n

In the same report, Umeme reported that profit after tax had increased to Shs148b from Shs139b in 2021, while earnings had marginally increased to Shs1.887 trillion from Shs1.885 trillion in 2021.<\/p>\n

Umeme, which is listed on the Uganda Securities Exchange, is one of the largest and most profitable companies in Uganda.<\/p>\n

For More News And Analysis About Uganda<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Uganda. Electricity Regulatory Authority (ERA) has said it is in the process of conducting a cost analysis for the Umeme concession buyout, which, among others includes verifying recoverable investments. Speaking in an interview yesterday, Eng Ziria Tibalwa Waako, the ERA chief executive officer, told Monitor the process to verify investments was yet to […]<\/p>\n","protected":false},"author":84,"featured_media":47662,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,240,234],"class_list":["post-47664","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-uganda","tag-uganda"],"yoast_head":"\nERA verifying Umeme assets to determine buyout amount - Uganda<\/title>\n<meta name=\"description\" content=\"Electricity Regulatory Authority (ERA) has said it is in the process of conducting a cost analysis for the Umeme concess ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/uganda\/all-news\/era-verifying-umeme-assets-to-determine-buyout-amount\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ERA verifying Umeme assets to determine buyout amount\" \/>\n<meta property=\"og:description\" content=\"Electricity Regulatory Authority (ERA) has said it is in the process of conducting a cost analysis for the Umeme concess ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/uganda\/all-news\/era-verifying-umeme-assets-to-determine-buyout-amount\" \/>\n<meta property=\"og:site_name\" content=\"Uganda\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-14T11:37:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-14T12:26:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2023\/04\/postQueueImg_1681456052.90.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/era-verifying-umeme-assets-to-determine-buyout-amount#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/era-verifying-umeme-assets-to-determine-buyout-amount\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"ERA verifying Umeme assets to determine buyout amount\",\"datePublished\":\"2023-04-14T11:37:27+00:00\",\"dateModified\":\"2023-04-14T12:26:56+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/era-verifying-umeme-assets-to-determine-buyout-amount\"},\"wordCount\":501,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/era-verifying-umeme-assets-to-determine-buyout-amount#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2023\/04\/postQueueImg_1681456052.90.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Uganda\",\"uganda\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/uganda\/all-news\/era-verifying-umeme-assets-to-determine-buyout-amount#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/era-verifying-umeme-assets-to-determine-buyout-amount\",\"url\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/era-verifying-umeme-assets-to-determine-buyout-amount\",\"name\":\"ERA verifying Umeme assets to determine buyout amount - 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