Results for Business

Tonga Power Ltd. expects to invest around $45 million pa'anga over the next fiscal year (2024-25) on upgrading its power generation. New strategic plans to improve electricity services and provide more affordable electricity prices, were announced by the board on Friday.

Wholesale prices for petroleum in Tongatapu increased on 18 April to $3.4616 seniti per litre while the retail price remained the same as March, capped at $3.60 pa'anga per litre. The new pricing means that petrol retailers must absorb the latest increase in the wholesale price of petrol and may not pass on the increase to their customers.

A grant of AUD15 Million from Australia, was signed over to Tonga today 10 April, at the Popua Power Station in ‘Anana. The grant will help to fund projects for Tonga Power Ltd in reaching its 70% renewable energy target, to reduce power outages in the country and support the next phase of the Nuku’alofa Network Upgrade Project.

The government-owned Lulutai Airlines Limited sold a new issue of shares to the Retirement Fund Board in August last year, a recent filing with the Tonga Business Registry reveals. To raise capital the airline issued 784,314 additional ordinary shares to the Retirement Fund Board (27%) and brought in two new directors to the company.

Awarded the title of ‘Best Vanilla Farmer’, Inoke Maama who was a previous winner, received awards for the Best Quality 1kg Vanilla Beans and the Longest Mature Bean, in a Vanilla Awards event held last week in Neiafu, Vava’u.

Luxury villas, under construction at the Royal estate Polata’ane, on the Nuku'alofa waterfront, are being built under a partnership project between the Tonga Development Bank, the land owner, and a mystery investor. The Bank says they will be opened on 1 July this year.

Widespread blackouts affecting Tongatapu this week were due to a technical issue within the system that automates power generation coming from different sources such as wind, solar, and diesel. Tonga Power Ltd. said while they are working to resolve the issues: "Tonga Power does not guarantee that there will be no more further power outages during this resolution period."

Tonga is currently using 27% of renewable energy as a source of power, the Department of Energy (MEIDECC) said, in marking the International Day of Clean Energy, on Friday, 26 January, as declared by the United Nations.

Harvesting and exporting Tongan seaweed for over 20 years, South Pacific Mozuku Tonga Ltd (SPM), a local aqua-culture industry based in Nuku'alofa, is set to expand its product range into the health and beauty industries this year.