Energy Sector

Gas supply increase raised power generation by 3,358MW – NNPC

Gas supply increase raised power generation by 3,358MW – NNPC

The Nigerian National Petroleum Corporation in its latest monthly operations report said the increase in gas supply to 789 million standard cubic feet, which was delivered to gas-fired power plants, led to the generation of 3,358 megawatts of electricity. Also, power sector performance updates seen at the Federal Ministry of Power in Abuja on Monday showed that the industry lost N11.4bn between February 1 and 13, 2021. In its latest monthly report, the national oil firm stated that it supplied 640mmscfd of gas to gas-fired power plants in January last year to generate 2,683MW, but increased the supply of gas in November...

Continue reading

FG connects 60MW hydropower plant to national grid

hydropower plant in Nigeria

The number of hydropower plants producing electricity in Nigeria has increased to four as a new plant has been connected to the nation’s power grid. The Dadin Kowa Hydropower Plant, located in Gombe State, has an installed generation capacity of 60 megawatts, data obtained from the Nigerian Electricity System Operator on Sunday showed. The NESO data showed that the new plant made its debut on the national grid on Friday with a generation of 30MW as of 6am that day. It generated 30.65MW as of 6am on Sunday. The country generates most of its electricity from gas-fired power plants, while output from hydropower...

Continue reading

FG releases funds to Discos for mass metering

The Federal Government has released funds to power distribution companies for the mass deployment of about six million free electricity meters to power consumers nationwide. It was gathered that some senior officials of power distribution companies met with the Central Bank of Nigeria on Tuesday and funds were released for the purpose of mass metering in Nigeria. The amount released was not made public. However, The PUNCH had exclusively reported on Monday that the Federal Government would spend between N269.38bn and N497.13bn for the provision of the six million free meters to various unmetered power users. The Managing Director, Abuja Electricity Distribution Company,...

Continue reading

DISCO explains poor supply of electricity to Mowe, Ibafo

The Management of Ibadan Electricity Distribution Company Plc (IBEDC) has admitted to the poor supply of electricity in Mowe, Ibafo, and Magboro, saying efforts are in place to increase supply. The Chief Operating Officer, John Ayodele, said the dismal power situation is a shared challenge between IBEDC and the Transmission Company of Nigeria (TCN). He explained that the three communities get their supply from Oke-Aro 132KV/33KV transmission station, and allocation by TCN for that area is 13MW, whereas the communities require about 40MW. Ayodele said because the TCN could not allocate the energy required to serve all the customers in the communities, the...

Continue reading

Consortium of banks refinances Neconde’s N2.3trn facility

neconde

A consortium of seven local and international lenders has signed an agreement to refinance Neconde Energy Limited, existing Senior Secured MediumTerm Loan Facility Agreement worth $640 million, following the 20 year renewal of the Oil Mining License of the Company effective June 2019. In a statement sent to Vanguard yesterday, Neconde Energy Limited said that the consortium is made up of four Nigerian Banks and three international lenders, including Access Bank, Fidelity Bank, Zenith Bank as well as First Bank (UK) Limited, adding that the international lenders also include the Africa Import Export Bank (Afrexim), Africa Finance Corporation (AFC) and Glencore...

Continue reading

Expert Decries Power Firms’ Default On Bank Loans

power

A former Executive Director at the Asset Management Corporation of Nigeria, Mr Kola Ayeye, has decried the default on bank loans by electricity generation and distribution companies(power) in the country. Ayeye, who is the Managing Director of Growth and Development Asset Management Limited, stressed the need for the Central Bank of Nigeria and commercial banks to collaborate with the Nigerian Electricity Regulatory Commission to reposition the power sector for a quantum leap in performance. “The current operators should be compelled to either liquidate their debts or participate in a better managed programme of ceding management and control to a best-in-class operator. The...

Continue reading

Akwa Ibom State LAND OF PROMISE

AKWA IBOM

AKWA IBOM STATE (LAND OF PROMISE).   ABOUT THE STATE: Akwa Ibom State was created on September 23, 1987 from the former Cross River State, South South Geo-political Region of Nigeria. The Atlantic coastline stretches 129km from Oron in the East to Ikot Abasi in the West. The State comprises several related sub-ethnic groups. They include Ibibio, Annang, Oron, Eket, Ibeno, Mbo, Okobo etc. They share a common ancestry and are reputed to be the first settlers in present day South Eastern Nigeria.     ECONOMY: Akwa-Ibom state is unarguably one state in Nigeria with the prospect of economic fortune. With about five million population matched with the...

Continue reading