STELCO Managing Director Hussain Fahmy has announced the company’s latest initiatives to implement time-based electricity tariffs and enhance the integration of renewable energy solutions. These efforts are part of STELCO’s strategy to modernize the energy sector and support the Maldives’ transition to sustainable energy.

Introducing Time-Based Tariff Systems

Under Fahmy’s leadership, STELCO is exploring the adoption of Time-of-Use (ToU) tariffs, which adjust electricity rates based on peak and off-peak hours. This system aims to encourage consumers to shift their electricity usage to off-peak times, thereby reducing strain on the grid and enhancing operational efficiency. Fahmy emphasized that time-based tariffs will also align with renewable energy production, maximizing the utilization of resources like solar power.

“The introduction of ToU tariffs will help consumers save on their energy bills while supporting the Maldives’ transition to renewable energy,” Fahmy stated. “This system will create a more efficient and sustainable energy framework for the country.”

Expanding Renewable Energy Integration

Fahmy also highlighted STELCO’s ongoing efforts to increase the share of renewable energy in its grid. The company is investing in Battery Energy Storage Systems (BESS) to store surplus energy from solar installations, ensuring uninterrupted supply even during periods of low generation. Additionally, dynamic pricing models linked to renewable energy output are under consideration to incentivize electricity usage when renewable sources are abundant.

“Our goal is to build a robust energy ecosystem that prioritizes sustainability and efficiency,” Fahmy explained. “By integrating advanced technologies, we can significantly reduce reliance on imported fossil fuels and minimize environmental impact.”

Benefits for the Maldives

According to Fahmy, these initiatives will bring significant benefits to the Maldives, including:

• Enhanced Grid Stability: By balancing demand with renewable energy supply, the grid will operate more efficiently and reliably.

• Cost Savings: Increased use of local renewable energy sources will lower costs associated with fossil fuel imports.

• Environmental Impact: Reduced fossil fuel dependency will contribute to a decrease in greenhouse gas emissions.

Drawing Inspiration from Global Success

Fahmy noted that similar systems have been successfully implemented in countries like Finland and the United Kingdom. In Finland, real-time electricity pricing benefits consumers during periods of high renewable energy production. Meanwhile, the UK’s dynamic pricing models encourage off-peak usage, particularly for electric vehicles and energy-intensive appliances.

A Vision for the Future

“STELCO is committed to leading the Maldives toward a sustainable energy future,” Fahmy stated. “These initiatives will not only support the country’s economic development but also strengthen its environmental stewardship.”

With Fahmy at the helm, STELCO continues to demonstrate its dedication to innovation, sustainability, and progress in the Maldives’ energy sector.