世界银行-加强西非公用事业资产负债表（英）

Public Disclosure AuthorizedPublic Disclosure AuthorizedPublic Disclosure AuthorizedPublic Disclosure Authorized AcknowledgmentsiAcknowledgmentsThis paper was prepared by a team consisting of David Loew (World Bank), Stephen Nash (Kuungana Advisory), and Tim Boyd (Kuungana Advisory). The paper was prepared as part of a wider analytical program on West African utility performance led by David Loew, under the strategic guidance and direction of Ashish Khanna. The financial support of ESMAP is gratefully acknowledged. ESMAP is a partnership between the World Bank and over 20 partners to help low- and middle-income countries reduce poverty and boost growth through sustainable energy solutions. ESMAP’s analytical and advisory services are fully integrated within the World Bank’s country financing and policy dialogue in the energy sector. Through the World Bank (WB), ESMAP works to accelerate the energy transition required to achieve Sustainable Development Goal 7 (SDG7) to ensure access to affordable, reliable, sustainable, and modern energy for all. It helps to shape WB strategies and programs to achieve the WB Climate Change Action Plan targets.Strengthening Utility Balance Sheets in West AfricaiiAcknowledgments iPreface iiiKey Findings & Recommendations iv1. Overview of West African Balance Sheets and the Case for Optimization 11.1. Background 11.2. Indicators of balance sheet stress 51.3. Objectives of balance sheet restructuring 72. Balance Sheet Restructuring Options 92.1. Reallocating liabilities 102.2. Renegotiating liabilities 122.3. Implementation considerations for reallocation and renegotiation of liabilities 142.4. Removing liabilities (or underperforming assets) 162.5. Offsetting/netting 192.6. Revaluation 203. Summary of Case Studies 22Annexes Annex A: Balance Sheet Basics – Definitions and Accounting Terminology 24Annex B: Debt Refinancing and Payables Extension in Albania 26Annex C: Debt and Arrears Refinancing in Côte d’Ivoire with World Bank Guarantee 34Annex D: Cross-Debt Cancellation and Debt Refinancing in Jordan 42Contents PrefaceiiiPrefaceMost power utilities in West Africa are not financially sustainable. Of the 25 West African utilities included in the World Bank’s Utility Performance and Behavior Today (UPBEAT) database, only six are able to recover their operating and debt service costs—the bare minimum for financial sustainability—even when operating subsidies are included (as reported in utilities’ income statements). Without operating subsidies, this number drops to three. Poor cost recovery often drives a vicious cycle of underperformance, in which inadequate funding for investment leads to higher losses and lower service quality, which in turn reduces utility revenues. Several interrelated factors cause these performance issues, but dependence on liquid fuels, poor governance, insufficient use of IT, and weak balance sheets are particularly common and acute challenges. Utilities with high shares of liquid fuels in the