By Dorcas Rumano

Former ZESA Holdings Chief Executive Officer (CEO), Engineer Ben Rafemoyo said the power utility company needs to be supported financially in order improve the supply of electricity in the country.

While presenting on ‘Energy Generation: Harnessing Fossil, Hydro, Solar, Bio energies’ at the Energy Indaba in Harare yesterday, Engineer Rafemoyo said ZESA should be supported with foreign currency as it operates at a cost of 78% (foreign currency) for its operations which among others include purchasing of plant parts, plant repairs and electricity imports.

He added that energy is critical to development of an economy and is a key driver to economic growth. He also highlighted that for the power utility company to successfully prosper, there is need for political will, focus and promotion of investment in the sector in a planned fashion.

Engineer Rafemoyo said if the investor was bleeding either on regulation or profitability, it becomes a big challenge to its production and ultimately, it doesn't make business sense. He said investment should be based on returns.

Commenting on the issue of electricity tariff increase, the former ZESA boss said consumers should pay the right price of electricity.

He said as a medium term measure, there was need to build new power stations as some of them are now obsolete.

The Energy Indaba which was hosted by a Non-Governmental Organization called Zimbabwe Dialogues, was graced by Minister of Energy and Power Development, Advocate Fortune Chasi, who was the Guest of Honour and several captains of industry including the former President of Confederation of Zimbabwe Industry (CZI), Sifelan Jabangwe, businessman Dr Shingi Munyeza among others.