Cabinet approve partial sell of PNG Power

Struggling state owned electricity company, will be partially privatized.

Prime Minister James Marape revealed this at the 2024 PNG Investment Week Conference in Australia.    

“The Cabinet has already approved that PNG Power will be partially privatized. We are sick of this monster that continues to burden all of us and hold us down. It has continued to operate in a public service mindset for so long.

“The Cabinet has already decided that it must be partially privatized. In fact, there are two Cabinet decisions already on this matter. The earlier Cabinet decision was to look at unbundling the power of the company from generation, retail and distribution.

“The last Cabinet decision that was taken two Cabinets ago was to ensure that the company is partially privatized. State maintaining a substantial interest, but a private partner to come in with management rights. We want to unlock power in our country, bringing cheaper, reliable and cleaner power to our people at the very earliest.

“This could be a news-breaking announcement because it hasn't come out yet. We want to unlock power in our country, bringing cheaper, reliable, and cleaner power to our people at the very earliest. We have enough sources of clean energy, and hydro remains the biggest available to us right now,” the prime minister said.