Power Producer pays govt. $10M in dividends

Oct 01, 2019 News

The state-owned Power Producers and Distributors Inc. (PPDI) has paid the Government of Guyana $10M in dividends as a result of its performance last year.

The AGM in progress at the Ministry of Public Infrastructure yesterday.

In its second Annual General Meeting (AGM), yesterday, at the Boardroom of the Ministry of Public Infrastructure, the company which manages over 100 megawatts of engines for the Guyana Power and Light Inc. (GPL), repeated intentions to continue its pathway to also become a power producer with its own plants in the coming years.
In 2016, the company was established and took over the maintenance contract that was in place since the 90s by Finnish-owned Wartsila.
The Coalition Government, at the time, banked on making savings.
Wartsila, more known for its dependable ship engines, had gambled on Guyana in the 90s as one of its first overseas office.
Since then, it has spread its wings across the region, launching from Guyana.
According to Chairman, Mark Bender, in his report, the company surpassed benchmarks in 2018 with income touching $2.67B. The profit after taxes was $297M.
PPDI, Bender disclosed, completed all its maintenance, both engines and auxiliary, with eight major overhauls completed.
In fact, the performance was good enough to deliver a plant reliability of 98.82 percent.
There were no accidents or environmental spills.
Last year, to crown it all, ISO 9001 certification was received indicating a quality services and continuous improvement.
Bender justified the establishment of PPDI.
“The management and staff, by their performance, continue to vindicate the government’s decision to replace Wartsila Operations Guyana Inc.”
The Chairman said that PPDI remained on course to become an independent power producer, with the intentions in the interim to maintain all state-owned power generating facilities.
According to Minister of Public Security, David Patterson, who is the shareholder representative, the company’s performance is to be lauded with the fact that there are 145 employees, 30 more than two years ago.
What makes it more remarkable is that the company is 100 percent Guyanese with decades of experience between them.
In his charge, Patterson reminded the directors and staffers present that Guyana is hoping to achieve a 100 percent renewable energy mix by 2025.
PPDI, he insisted, must adapt.
The Minister noted of the opportunities that exist, including several off-grid companies that the government controls that provide power to outlying communities.
These include Lethem, Kwakwani, Port Kaituma and Moruca.
He urged for more corporate projects including scholarships.