- The day-ahead energy market allows transactions for buying and selling electrical power a day before delivery.
- The regulatory document for activating the next market phase is undergoing approval.
The West African Power Pool (WAPP) has announced plans to finalise arrangements to commence day-ahead electricity trading in the regional market. This comes as the firm completes constructing and equipping the Information and Coordination Centre (ICC). In a statement by the General Manager of Public Affairs, Transmission Company of Nigeria (TCN), Ndidi Mbah, the firm said the day-ahead energy market allows transactions for buying and selling electrical power a day before delivery.
Speaking at the WAPP 59th Executive Board Meeting held at Calavi, Cotonou, Benin Republic, the Executive Board Chairman and Managing Director/Chief Executive Officer of the TCN, Dr Sule Ahmed Abdulaziz, said the regulatory document for activation of the next phase of the market is undergoing approval process at the ECOWAS Electricity Regulatory Authority (ERERA). He disclosed that in preparation for the new phase of the electricity market in West Africa, operators are currently undergoing training on the working of live trading systems. This training ensures the transition is seamless once they obtain approval.
WAPP added that with support from the World Bank, the organisation is recruiting eleven new engineers to bolster the capacity of the ICC. Also, the study for restructuring the secretariat to fulfil legal requirements for an independent system and market operator has kicked off. He said, “Building and equipping infrastructure alone does not guarantee the market’s success, adding that equally important is the behaviour of the market participants. The advent of the market requires discipline and competence in operations and management as well as in financial reporting.”