Electricity Act (Amendment) Act, 2024
Requires power-generating companies to set aside 5 per cent of their previous year's actual operating expenditure for the development of their host communities.
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The amendment addresses development and environmental concerns of host communities. Generation companies must set aside five per cent of the actual annual operating expenditure of the preceding year for host community development, and the funds are managed by a trustee or manager jointly appointed by the company and the host community. (From the Presidency's statement as reported by Daily Post on 9 February 2024; the Act's text was not retrieved.)
Who this affects
Communities that host power plants and the generation companies (GenCos) operating there.
What it changes
- 1(Paraphrased) GenCos set aside 5 per cent of the previous year's actual annual operating expenditure for host community development.
- 2(Paraphrased) Funds are administered for infrastructure by a reputable trustee or manager jointly appointed by the GenCo and its host community.
1 section
-.Host community fund (paraphrased)
(paraphrased) Power-generating companies set aside five per cent of their actual annual operating expenditure of the preceding year for the development of their host communities; the funds are administered for infrastructure by a trustee or manager jointly appointed by the company and the host community.
This is a readable rendering for citizens. The authoritative text is the gazetted version — linked below.
Passed· House
27 July 2023
Daily Post: the House passed the bill on 27 July 2023.
Passed· Senate
14 November 2023
Daily Post: the Senate followed on 14 November 2023.
Assented
9 February 2024
Announced by Ajuri Ngelale, Special Adviser to the President, on Friday 9 February 2024 (Daily Post).
Official text
The gazetted document
Today in the Assembly
Sittings, motions and divisions, day by day
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