Fiji Electricity Authority’s Annual Report for 2016 incorporates a detailed summary of its operations and activities including the Financial Statements for the year ended 31st December 2016.
FEA recorded a profit after tax of $59.6M as compared to a profit after tax of $39.7M for 2015. This represented an increase in profit of around 51% compared to the previous year despite incurring the TC Winston restoration costs of $30.1M.
The profit recorded by FEA in 2016 as compared to 2015 is due to the following:• Increased generation output from both the Monasavu & Nadarivatu hydro schemes due to good rainfall received in 2016; and• Good management practices adopted by the Board and Management to ensure funding of the TC Winston expenses of $30.1M and thereafter, achieving good profits.
FEA funded the entire cyclone restoration cost from its own internal funds without any passing on to customers or having to borrow from the local financial institutions. The improved profitability has enabled FEA to undertake many essential development projects which are important to ensure the reliability andsecurity of power supply to all Fijians.
2016 was another milestone year for FEA and more importantly for Fiji, as FEA will now supply electricity to the fourth main island of Fiji. FEA took over the Somosomo Hydro Power Project which was built under a grant by the Chinese Government to Fiji. Further, to supplement the Somosomo Hydro, FEA purchased and installed 2x1MW diesel generator sets at the Waiyevo Diesel Power Station in Taveuni at a cost of $6.8M, funded by the Government of Fiji. In December last year, FEA commenced the supply of electricity in Taveuni for the first time. Since commencement, some 650 customers are now connected to the powergrid in Taveuni.
FEA spent a total sum of $53.6M on the construction of new rural electrification schemes, grid extension schemes for commercial/industrial projects, power system reinforcement works and contract jobs. FEA commissioned some 39 rural electrification projects in 2016. A total of 4,799 new electricity customers were connected in 2016 which comprised of 3,558 domestic and 1,241 commercial connections.
