As Hon. Monie Ralph Captan concludes his tenure as CEO of the Liberia Electricity Corporation (LEC), the utility stands at a critical crossroads, battling significant financial challenges while celebrating substantial progress in expanding electricity access across the nation.
Captan’s leadership has been marked by impressive achievements, including an 88.79% increase in electricity supply and a remarkable 183% revenue growth over the past two years. Despite these gains, the corporation continues to grapple with a mounting government debt that threatens its operational sustainability.
The most pressing issue remains the government’s outstanding electricity bills, which have accumulated to $18,975,049 as of October 31, 2024. Government entities account for approximately 14% of LEC’s total energy sales, creating a substantial financial strain on the utility.
“We have made impressive strides in expanding access to electricity, but the financial sustainability of LEC is still fragile,” Captan explained during a farewell press conference. He emphasized that the government’s arrears continue to impede LEC’s capacity to provide reliable and affordable electricity to Liberia.
The debt crisis is compounded by another significant challenge: electricity theft. Captan revealed that approximately 25% of LEC’s generated electricity is lost to illegal connections, further compromising the corporation’s financial position.
Despite these obstacles, Captan remains optimistic about the future of Liberia’s energy sector. Under his leadership, LEC expanded its grid, connecting more homes, businesses, and institutions to the national power supply. The utility also installed several new transformers and substations in rural areas, marking a significant achievement in improving energy access.
Looking forward, Captan urged the incoming leadership to prioritize financial sustainability and work closely with the government to resolve outstanding debts. He stressed the critical importance of the energy sector to Liberia’s economic development.
“The energy sector is critical to Liberia’s development,” Captan stated. “Without electricity, there can be no economic growth, no job creation, and no improved living standards for our people.”
The LEC management has proposed implementing prepay metering services for government entities beginning in 2025, hoping to ensure timely payment and improve the corporation’s financial stability.
As the search for a new CEO continues, Captan’s legacy is defined by both significant achievements and persistent challenges. The next leader will inherit a utility that has made important strides but faces an uncertain future.