Additional Funding for Power Network in Basra

The Basra Provincial Council has allocated an additional ID300 billion [$250m] to rehabilitate the power network in Basra. “This is a temporary and quick solution for the power problem in Basra,” the council’s head told Aswat al-Iraq news agency on Wednesday. He noted that agreements have been obtained to construct four new gas-driven power stations in Basra, each with a capacity of 500 MW. “Basra needs 1,200 MW,” the source stressed. He pointed out that all the four new power stations will be devoted to Basra exclusively

A spokesperson from AAIB Insurance Brokers, a company specialising in Iraq commented, “this move shows that the authorities are fully aware of the dangers stemming from insufficient supplies of electricity and that they are taking actions to address the root issues. Within Iraq we can expect to see this spend to be followed by more, larger budget allocations targeted at the power sector as part of a strategic response to the current challenges faced.

The issues of power shortages have been well documented. We know that insufficient power supplies can help foster civil unrest, hamper economic activity and necessitate costing imports to help meet the demand.

The insurance market is able to support construction and engineering projects of this type, but the number of companies willing to do this is limited. We have found that providing the right risk level of detail when approaching insurers, such as project specification and cost, project schedule, contract wordings etc helps us to obtain the types of insurance needed and enable coverage of Contract Works, Machinery, Plant etc plus cover for various liability exposures.

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