Power Sector And Other Related News Stories For April 2nd 2024

Posted by News Room April 2, 2024

How to Tackle Nigeria’s Power Sector, Energy Challenges’

It is well understood that so far in Nigeria the two major sources of power generation are thermal (natural gas) and hydro (water). The issues existing in the power sector go beyond having the aforementioned sources of power generation. Indeed, right from the enactment of the 2005 Electric Power Sector Reform Act, leading to the unbundling of the national power electric utility company into 18 successor companies, comprising 12 distribution companies, six power generation companies, and one national power transmission, the Nigerian power sector has witnessed investments in billions of naira, along with the focus of the World Bank through the Power Sector Recovery Programme.



Geregu Power Restates Commitment to Nigeria’s Power Sector, Highlights $550m Investment to Date

The management of Geregu Power Plc has restated its commitment to Nigeria’s power sector, stating that the first listed power generating company on the Nigerian Exchange Limited (NGX) was determined to support President Bola Tinubu’s power sector reforms.

In showing commitment to Nigeria power sector, the company took a significant step to align with new standards, amid attainment of ISO 9001 and 14001 certifications from the Standard Organisation of Nigeria (SON).

Speaking to journalists at 12th Annual General Meeting (AGM) last week Friday, Independent Non-Executive Director, of the power generating, Doron Grupper stated that the company has invested $550 million in plant transformation.



Federal Gov’t Increases Power Sector Gas Price By 11%

The federal government has announced an increase in the wholesale price of gas to power plants by 11 per cent from $2.18 per MMBTU (Million British Thermal Unit) to $2.42/mmbtu.

The gas companies had since January this year reduced supply to power plants following years unpaid invoices amounting to over $1.2 billion. The government intervened last month by paying $120 million to the companies, as power supply across the dwindled.



Discos Make N1tn Amid Grid Crisis, Unmetered Customers Hit 5.8m

Despite the persistent epileptic power supply nationwide, revenue generation by electricity distribution companies in Nigeria surged to N1.1trn within the 12 months of 2023, a new report has revealed.

The figure represents an increase of N234.4bn or 28.2 per cent from the N831bn generated by the power firms over a similar period in 2022.

This latest data was disclosed in the electricity report released by the National Bureau of Statistics on Monday.

The latest data came despite the sporadic power grid collapses recorded during the year.



Industry Players’ Efforts to Address Poor Power Supply

The Chief Executive Officer, Momas Electricity Meters Manufacturing Company Limited (MEMMCOL), Engineer Kola Balogun, said indigenous manufacturers had intensified their efforts to improve on their competencies, capacities and product quality, adding that they were formidable to sufficiently address the metering needs of the country and even produce for exports. He said that in the past, meters were always imported but that indigenous meter manufacturing companies had braced to the challenge, adding that they needed to be encouraged. He spoke when the Minister of Power, Adebayo Adelabu, visited the company.



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