Africa-Press – Zambia. Copperbelt Energy Corporation (CEC) that supplies electricity to mines has paid ZESCO 16 million United States dollars following an arbitration. ZESCO from which CEC buys power for redistribution had claimed that CEC had not fully paid money due to it for electricity supplied under the Bulk Supply Agreement -BSA-.
This was in the sum of over 51.6 million dollars plus interest of 2.6 million dollars. Following the arbitration which started in 2019, the sole arbitrator issued a Second Partial Award by Consent on November 2, 2021 ordering CEC to pay the principal sum of 4.2 million dollars plus interest of 12.2 million dollars.
A statement issued by CEC further says if a court of competent jurisdiction finds that the Energy Regulation Board’s decision to increase tariffs is valid and lawful, an additional amount of 227 million dollars will be paid to ZESCO for power supplied by ZESCO under the bulk supply agreement.
The company says in a cautionary announcement that Shareholders should exercise caution in dealing in the Company’s securities until further notice and seek the advice of their investment advisor, stockbroker, or any professional duly licensed by the Securities and Exchange Commission of Zambia to provide securities advice. CEC is listed on the Lusaka Stock Exchange.
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