PPL getting K250mil

PNG Power Ltd will receive K250 million funding support from shareholder Kumul Consolidated Holdings (KCH) Ltd that will go towards stabilising the grid, says managing director Flagon Bekker.
Bekker said during the PNG Power partnership workshop in Port Moresby yesterday that the Government was doing everything it could to help PNG Power in very difficult circumstances.
“Globally, there is no government that is finding it easy, our shareholders and KCH really have been supportive,” he said.
“They are putting capital into us to help us stabilise the grid.
“Everyone is trying to come to the table to help us try to do the right thing. They are putting real money and all we need is time.
“We will start putting hardware on the ground, it is repair, refurbish and replace of hardware and infrastructure.
“These are basics, we are going to spend it on hardware that will improve reliability and availability that will work for the independent power producers because the more electrons I sell, the more I buy from them.
“The sector has been left under-invested for too long and everyone is coming to the table to help us around.”
Bekker clarified that the funds will not fix but stabalise the grid.
“It will not going to fix the problem but it will stabilise it, so that it does not get worse,” he said.
“To fix the problem, you are going to need another K1 billion and that plan is about how do you raise that money, either sell assets and that is the debate at the National Executive Council level on how do you raise that capital.”
Bekker thanked stakeholders who have been supporting PNG Power.
PNG electrification partnership countries (Australia, Japan, New Zealand and the United States), the World Bank, the United Nations Development Programme and other donors and financiers.