The report provides a detailed summary of FEA’s performance in accordance with Section 25 of the Electricity Act Cap 180.
FEA recorded a profit after tax of $39.7M in 2015 which turned around the performance of 2014 where it recorded a profit after tax of $0.9M despite the El-nino weather pattern of a prolonged spell of dry weather continuing in 2015. For the first time in FEA’s history the El-nino weather pattern significantly affected FEA’s operations for two consecutive years. The profit recorded by FEA in 2015 was attributed mainly due to:
Good management of the Monasavu & Nadarivatu hydro schemes.
Low fuel price recorded in 2015; and
Cost control measures put in place by Management.
FEA commissioned the Wainisavulevu Weir Raising Project (WWRP) on 3rd of November 2015. The project increases the Weir level by an additional 8 metres to collect more water and will further improve the generation output from the existing Wainikasou and Monasavu Hydro Power schemes.
In addition to this, the Authority also commissioned the 35MW Heavy Fuel Oil (HFO) Power Plant at Kinoya Power Station on 14th November 2015. This new diesel power plant which is run on cheaper HFO will bring about substantial cost savings to the Authority and more importantly it contributes additional generating capacity to the Central region of Viti Levu to ensure reliability & security of power supply.
The Authority continued to meet all its obligations and fulfil all its responsibilities whilst also continuing with the efficient operation of the entire power system.
