Home Business PURC Forecasts GH₵6.81 Billion Revenue Target for Q2 2024

PURC Forecasts GH₵6.81 Billion Revenue Target for Q2 2024

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Purc
Purc

The Public Utilities Regulatory Commission (PURC) has projected a revenue requirement of GH₵6.81 billion for the second quarter of 2024.

This represents an increase of GH₵1.14 billion compared to the first quarter’s target of GH₵5.67 billion, aimed at bolstering the financial health of the utility sectors.

Beginning July 1 and lasting until September 30, 2024, adjustments in electricity and water tariffs will take effect. Lifeline electricity consumers (0-30 kWh) will see a 3.45% increase, while other residential consumers will face a 5.84% rise, according to a statement by Dr. Ishmael Ackah, the PURC’s Executive Secretary.

Despite the projected requirement, the PURC plans to recover only GH₵5.90 billion of the GH₵6.81 billion in the second quarter. This decision takes into account revenue collection performance and aims to mitigate the potential negative impact on consumers.

For the water sector, the revenue requirement for the second quarter of 2024 is GH₵670.18 million, up from GH₵635.86 million in the first quarter. To meet this requirement, water tariffs will increase by 5.16%, with an additional GH₵34.33 million needed to be recovered in the second quarter.

The PURC emphasizes that these tariff adjustments are essential for ensuring the financial sustainability of the utility sectors while also considering the economic impact on consumers.

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