Project title: Establishment of a National Force Majeure Trust Fund and a National Electricity Access Trust Fund
Case Number: U-0008-22
Type: Non-occurring Regulatory Project
- National Force Majeure Fund: Drafting of a Financial Policy Guideline for the Department of Finance and Treasury
- National Electricity Access Trust Fund: Drafting of a Concept Note for the National Green Energy Fund (NGEF) Board approval.
Overview of Project
The core objective to establish a National Trust Fund for Force Majeure with the Department of Finance under the Ministry of Finance and Economic Management is so that Force Majeure fund contributions by customers through respective utility tariff to the regulated utilities is drawn into a national basket of funds. The Force Majeure funds will be deposited annually into the Trust Fund by the utilities. These funds will only be used when a regulated electricity service provider in Vanuatu is affected by a force majeure event.
The Authority’s primary aim for a National Trust Fund for Electricity Access that will be established and administered by the National Green Energy Fund (NGEF) is to increase the rate of electricity access in Vanuatu by making financial assistance available to those living near an electricity network grid but are unable to afford the cost of a network extension and or connection.