Mozambique: H1 electricity production at Cahora Bassa dam up 15% YoY

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Mozambique: H1 electricity production at Cahora Bassa dam up 15% YoY

5:58 CAT | 11 Jul 2022

File photo: Lusa

Hidroelétrica de Cahora Bassa (HCB), Mozambique’s main electricity producer, announced on Monday that it reached 7,965 Gwt (gigawatt)/hour in hydroelectric production in the first half of this year, an increase of 15 percent compared to the same period last year.

“This production was achieved without the occurrence of work accidents and exceeds the most optimistic expectations at the mercy of the availability of hydro and production equipment,” HCB said in a statement.

For the Chairperson of HCB, the results will allow the company to strengthen the financing of rehabilitation projects that are underway throughout the production chain, allowing HCB to continue to be a strategic company.

“We have the duty to manage and operate the company in a judicious, responsible and transparent manner to achieve its objectives,” added Boavida Muhambe, also cited in the statement.

The company also said that in the first half of this year the dam’s water resources were 324.63 metres above average sea level, which corresponds to 93 percent of its useful storage capacity.

“The achievement of this storage level results from judicious measures adopted during the last rainy season,” he explained.

On the other hand, according to the HCB note, the company’s shares on the Mozambique stock exchange remain “appetising”, although they have underperformed the price of the public offering held in 2019.

“The shares remain appetising on the secondary market, generating considerable transactions, and to date the company has paid dividends totalling 3.7 billion meticais [58 million euros], corresponding to 36% of profits,” the note revealed.

The Mozambican state holds 85% of HCB’s shares, 7.5% belong to the Portuguese Redes Energéticas Nacionais (REN), and 4% are from national investors, with the remaining 3.5% held by HCB itself.

Source: Lusa