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A foundational effort that brought clarity, structure, and transparency to Libya’s power sector by revealing the true value, condition, and future potential of national electricity assets.
Project Overview
The GECOL Capital Assets Assessment and Valuation project provided the first comprehensive appraisal of the physical assets owned and operated by the General Electricity Company of Libya (GECOL). The initiative analysed generation plants, transmission infrastructure, distribution networks, and associated systems to determine their condition, operational readiness, and financial value. This assessment became a critical input for sector reform, financial planning, infrastructure investment, and the long-term modernisation of Libya’s electricity system.
This work was led by Milad Abdul Zaed, Senior Advisor for Financial Restructuring and Energy Economics, and was implemented by Pragma Corporation and funded by USAID, delivering essential asset-level data and financial insights to support evidence-based decision-making across the electricity sector.
Summary
GECOL manages one of the largest public assets portfolios in Libya, yet prior to this initiative, there was limited visibility regarding asset condition, depreciation, remaining life, and replacement needs. The Capital Assets Assessment and Valuation project addressed this gap through a structured and data-driven process that catalogued, analysed, and valued GECOL’s entire infrastructure base.
The assessment reviewed physical condition, operational performance, maintenance records, historical costs, and technical specifications. It provided clear valuations and identified priority assets needing rehabilitation, replacement, or modernization. The work also supported future financial planning by clarifying liabilities, depreciation schedules, and long-term investment requirements.
Additionally, the valuation laid the groundwork for improved governance, transparency, and accountability, particularly important as Libya considers restructuring, unbundling, and potential private-sector participation.
Key Achievements
Completed the first comprehensive valuation of GECOL’s national infrastructure assets
Assessed generation units, substations, transformers, transmission lines, and distribution networks
Identified aging, underperforming, and high-priority assets requiring investment
Strengthened GECOL’s ability to plan rehabilitation and replacement programs
Improved financial transparency and accounting accuracy for the electricity sector
Provided essential input for sector restructuring, investment planning, and tariff reform
Enhanced the foundation for future audits, regulatory oversight, and PPP opportunities
Impact
Greater clarity on the true value and condition of national electricity assets
Stronger financial management and more informed investment decisions
Improved transparency supporting sector reform and regulatory processes
Enhanced efficiency through prioritised maintenance and rehabilitation planning
Better readiness for future unbundling and market liberalisation
Increased confidence among donors, investors, and oversight bodies
We can help your organisation
Green Power Associate supports utilities and governments in carrying out asset assessments, valuations, and infrastructure audits that strengthen financial transparency, investment planning, and governance.
Our experts can help design asset management systems, define valuation methodologies, prioritise rehabilitation programs, and build modern asset registries aligned with international standards.
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