Prime Minister James Marape announced that, PNG Power Limited will be partly privatized to allow other parts of the country to have an independent power supplier.
Prime Minister said his cabinet has approved the partial privatization of the state-owned enterprise to improve its operations and the efficiency of power supply to Papua New Guinea.
This was revealed by Prime Minister Marape in Sydney this week.
Marape said this will allow the electricity to reach the 70 percent of the population that lives without electricity.
He said the partial privatisation means that state will continue to maintain its interest in PNG Power Limited however investor take up the management of the enterprise and equity assets worth over K4billion in the country.
This was the second decision the cabinet has made for PNG power for the year 2024, the first one was to look at the company’s power generation, retail and distribution status.
He urged the investors to keep an eye out for expressions of interest soon to be advertised, noting PNG powers’ first right to supply power monopoly in Papua New Guinea.
He said the reforms in the energy sector have begun with the government ministry responsible ready to issue license to investors willing to partner his government to take PNG power to parts of PNG that are out of reach PNG power.
