The three utility companies which yesterday agreed to sacrifice their revenue so electricity consumers would pay less have called on government to honor its side of the bargain and fulfill their conditions for the review. In a joint statement sent to Joy News, the Volta River Authority, Ghana Grid Company and the Electricity Company of Ghana also explain how the factors that enabled them to absorb the subsidy consumers are expected to enjoy from next month. According to the statement, the downward review has been possible because of the current stability in the exchange rates, reduction in inflation and the expected flow of natural gas from the West Africa Gas project. It says this has meant a reduction in the cost of generation and associated reduction in transmission and distribution costs. The three utilities however reiterate that the subsidy is subject to implementation of the automatic adjustment formula in rate setting which will see periodic reviews of tariffs every three months. And that the main parameters that influence the cost, that is the hydro/thermal mix, inflation, exchange rate and fuel price will be reviewed for the tariff to be adjusted accordingly. That the government of Ghana will provide support for VRA’s procurement of crude oil if it becomes necessary; that government will honor its commitment to provide financial support to GRIDCo for network improvement projects; that government of Ghana will support ECG’s proposal to the Attorney General’s Department to set up Utility Courts for dealing with offenses associated with electricity thefts and non-payment of bills; and that government will also expedite action to review the street Lighting levy which is now 0.0001 Ghana cedi per unit. The three utilities are also demanding that government honor its commitment regarding the installation of pre-payment meters in all agencies. The three companies, while hopeful the arrangements will provide relief to customers have called on electricity consumers to adopt energy efficient practices. Source: Joy Business/Myjoyonline.com/Ghana