Speaking to the press on Tuesday, he said the phenomenon is being brought under control and hoped that supply would exceed demand.
"This could be reversing the situation in some two to three years as the nation has had the opportunity to stop the processing of independent power producer applications" He stressed.
The country was hit by a four-year power crisis which affected activities of companies, schools, and private individuals.
The crisis was brought under control this year with an increase in generation capacity through the procurement of the KARPOWER, Ameri plants among other power-producing equipment.
The Africa Center for Energy Policy (ACEP) has warned of a return to a crippling power crisis in 2017 hinging its worrying projection on unsustainable fuel supply.
In a report released by ACEP titled "Beyond 2016 Elections; Energy Sector Priorities", it warned that fuel supply, particularly gas, will be difficult to find from April 2017.
With water supply in the Akosombo Dam said to be at low levels, hydropower will also not be an option.
But Mr. Terkper has assured that a comprehensive review of the issue is completed adding government is on course to have a third FPSO which will increase the supply of crude as well as gas.
"Gas is expected to flow from the TEN fields from the beginning of next year and therefore and we are likely to see a more stable supply of gas" he assured.