Energy Fiji Limited Plans $2 Billion Investment in Renewable Energy to Stabilize Electricity Prices
Energy Fiji Limited is set to invest $2 billion in renewable energy projects, including hydropower and solar generation, to stabilize electricity prices amid global fuel volatility. CEO Fatiaki Gibson emphasized the importance of timely investments to meet projected 5% annual electricity demand growth while ensuring that over half of households face no increase in bills. EFL aims for a 90% renewable energy share by 2035, with recent consultations focusing on affordability and reliability for low-usage households.
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Energy Fiji Limited (EFL) is planning a $2 billion investment in renewable energy projects, including hydropower, solar generation, battery storage, and transmission infrastructure, to mitigate risks from global fuel price volatility. EFL CEO Fatiaki Gibson noted that electricity demand in Fiji is projected to grow by 5% annually, and timely investment is crucial to avoid delays in new connections and support economic growth.
The proposed tariff adjustments aim to balance affordability and sustainability, ensuring that over half of households will not see increases in their electricity bills. Current electricity prices have not changed since 2019, despite rising operational costs.
EFL's goal is to achieve a 90% renewable energy share by 2035. The recent consultations have focused on affordability and reliability, with the intention of protecting low-usage households while investing in a cleaner energy future.
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