Kamfinsa lawmaker, Kang’ombe, calls for ZESCO to explore electricity bonds to address power shortages

Kamfinsa Member of Parliament, Christopher Kang’ombe, has urged ZESCO to issue an electricity bond as part of a comprehensive strategy to tackle the ongoing power supply deficits in Zambia.

In a statement posted on his official Facebook page on Wednesday, Kang’ombe suggested that a well-structured bond would help raise the necessary funds to finance critical power generation projects, addressing both domestic and regional energy demands.

Kang’ombe pointed to the Copperbelt Energy Corporation (CEC), which successfully raised US$200 million through a green bond in 2023 to fund solar power projects.

He also highlighted the recent National Pension Scheme Authority (NAPSA) investment of US$200 million in the expansion of the Maamba Coal Power Plant.

With the Maamba plant requiring a total of US$400 million to increase its capacity by 300 MW in Sinazongwe, Kang’ombe emphasized that ZESCO could similarly raise capital through bonds to finance projects that would increase electricity generation across Zambia.

Kang’ombe emphasized that ZESCO must prioritize domestic electricity needs while also exploring opportunities for power exports.

He pointed to ZESCO’s 2022 Power Supply Agreement with Namibia, which will see Zambia export 80 MW of electricity during peak times through a 10-year contract worth $500 million.

The lawmaker noted that Zambia currently imported 500 MW of off-peak power at a significant cost of $90 million per month.

He called for separate strategies to meet both local and export electricity demands, suggesting that ZESCO could optimize its operations to benefit from both markets.

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