The State Electric Company Limited (STELCO) is rolling out new energy initiatives aimed at transforming the Maldives’ power sector, according to its Managing Director, Hussain Fahmy. Speaking on the company’s vision, Fahmy outlined plans to introduce Time-of-Use (ToU) tariffs and expand renewable energy integration as part of a broader push toward sustainability.
Time-Based Tariff System
Fahmy detailed STELCO’s plans to implement ToU tariffs, which will adjust electricity rates based on peak and off-peak hours. This strategy encourages consumers to shift their energy use to off-peak periods, alleviating pressure on the grid and improving energy efficiency.
“The introduction of ToU tariffs not only provides financial relief for consumers but also enhances the use of renewable energy sources like solar power,” Fahmy stated.
Renewable Energy Integration
STELCO is also investing in cutting-edge Battery Energy Storage Systems (BESS) to store surplus solar energy. This stored energy can be utilized during periods of low renewable energy production, ensuring a steady power supply.
“We aim to minimize our dependence on imported fossil fuels while maximizing the use of local renewable resources,” Fahmy explained.
Broader Benefits
Fahmy highlighted several advantages, including grid stability, reduced energy costs, and lower greenhouse gas emissions. He emphasized that these changes align with global energy trends, drawing inspiration from nations like Finland and the UK, where dynamic pricing models are used to optimize renewable energy usage.
Towards a Greener Future
“STELCO is committed to leading the Maldives toward a sustainable energy future,” Fahmy declared, reaffirming the company’s role in driving innovation and reducing environmental impact.
These initiatives represent a significant step in the Maldives’ journey towards energy resilience and sustainability, reflecting both economic and environmental priorities.
