PM Marape Announces Partial Sale of State-Owned PNG Power
Papua New Guinea Prime Minister James Marape announced that the state-owned electricity provider, PNG Power, will undergo partial privatization. Speaking at the 2024 PNG Investment Week Conference in Australia, the Prime Minister emphasized the government's intent to reform the struggling utility.
According to Prime Minister Marape, the Cabinet has already approved decisions aimed at addressing PNG Power's inefficiencies. He highlighted that the company had been operating under a public service mindset for too long, creating a burden on the government and citizens.
The reform plan involves unbundling PNG Power’s operations into separate entities for generation, retail, and distribution. Additionally, the government intends to bring in a private partner with management rights while the state retains a substantial interest in the company.
Marape stressed that the objective of the partial privatization is to ensure cheaper, reliable, and cleaner power for Papua New Guineans. He noted that the country has ample clean energy sources, with hydroelectricity being a significant potential resource.
The Prime Minister described the announcement as a pivotal step forward, expressing optimism about unlocking the nation’s energy potential to meet growing demands efficiently and sustainably.
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