Power Sector And Other Related News Stories For Friday November 18th 2022
Revenue losses, inadequate regulations limiting electricity investments – Report
There is less willingness to invest in the Nigerian and African power sector because of revenue losses, inadequate regulations, lack of trust, among other concerns in the industry.
Sahara Group, a global energy player in power generation and distribution, disclosed this in its November 2022 report titled, “Energy Mix – The Challenges with Funding and Deploying Commercially Viable Renewable Energy Solutions.”
“Investors are less willing to invest in the African Power Sector at large due to some challenges,” the report, seen by our correspondent in Abuja on Thursday, stated.
It outlined other challenges to include: transmission and distribution losses, lack of cost reflective tariff, and issues around regulatory standards.
Unless Nigerians Get 24/7 Electricity Supply, We Have Failed — Sahara Group MD
Stakeholders in the Nigerian Electricity Supply Industry (NESI) have been challenged to step up their game to ensure supply of 24 hours a day, seven days a week electricity to the teeming Nigerian population.
Group managing director of Sahara Group, Kola Adesina, gave this challenge yesterday in Abuja after been conferred with the Nigerian Society of Engineers (NSE) honorary fellowship award in recognition of his contributions to the promotion of engineering in the country.
No digital economy without stable electricity – Sahara Power
The Group Managing Director, Sahara Power Group, Kola Adesina, has stated that without adequate supply of electricity, the target of digitalising Nigeria’s economy may not be achieved.
Sahara Power is a major player that operates in the electricity generation and distribution arms of the Nigeria Electricity Supply Industry.
In his remarks after receiving the Nigerian Society of Engineers’ honorary fellowship award in Abuja, Adesina told the President, Major General Muhammadu Buhari (retd.), and other senior government officials at the event, that the country’s current power output was so insufficient.
Obasanjo, Emefiele, others to bag Nigeria Power Sector Lifetime Achievement Awards
To reward their contributions to the power sector, former President Olusegun Obasanjo and Governor of Central of Nigeria Nigeria(CBN), Godwin Emefiele, have been announced as recipients Nigeria Power Sector Lifetime Achievement Awards.
Others in the Lifetime Achievement Award category are; Former Minister of Power and founder Geometric Power Limited/Aba Power IPP, Prof Barth Nnaji, Executive Director, Sahara Energy Group, Mr. Kola Adesina.
The Nigeria Power Sector Awards, a premier and most prestigious premier event instituted to celebrate organizations and individuals, who have contributed to improvements, growth, innovation, and progress in the Nigeria Electricity Supply Industry (NESI) recently announced nominees for 2022.
General Electric’s (GE) upgrade exceeds expectations and boosts power plant’s output and availability at Nigeria’s Indorama Eleme Petrochemicals
In continuation of its operations improvement and power plant modernization plan, Indorama Eleme Petrochemicals Limited (IEPL) (https://www.IndoramaEleme.com/) and GE Gas Power (https://www.GEPower.com/gas) (NYSE: GE) announced that they have successfully executed GE’s 6B Performance Improvement Package (PIP) upgrade on the third 6B gas turbine at the petrochemical facility in Eleme, Rivers State.
This modernization increased the turbine’s output by 5.1 Megawatts (MW), more than doubling the previously expected power output increase of 2.5 MW – and effectively bringing the cumulative power increase on all three turbines to over 10 MW.
South Africa Woes Continue as Eskom’s Diesel Budget Runs Dry
Eskom’s finances paint a dismal picture as the ailing power utility’s budget to buy diesel is almost empty. Eskom needs billions more to keep the country’s power on after spending R12 billion on diesel this year alone.
Initially, the budget to buy diesel was R6.1 billion but was later revised to R11.1 billion. As a result, it ended at just over R12 billion, leaving Eskom’s financials in dire straits.
This was revealed during a media briefing by Eskom chief operations officer Jan Oberholzer recently as the country is plunged into more dark days of load shedding.
BOI Increases its Solar Energy Fund
The Bank of Industry (BoI) has expanded its Solar Energy Fund to N6 billion, according to a statement on its website. According to the BoI, the Fund was upgraded to allow several end-user categories (commercial and residential) to get dependable solar products.
The Fund was initially introduced in 2017 as a N1 billion Solar Energy Fund for Micro, Small, and Medium-Sized Businesses (MSMEs). The objective was to assist in addressing the difficulties in Nigeria’s power sector.
EIB and DBSA to Co-Finance €400m for Clean Energy in SA
The European Investment Bank (EIB) is supporting the energy transition in Southern Africa, making this commitment in Sharm el-Sheikh, Egypt, on the sidelines of the 27th United Nations Conference of the Parties on Climate Change (COP27). The EIB is partnering with the Development Bank of South Africa (DBSA) to provide €400 million over the next few years.
The recently unveiled investment plan will aid the private sector, particularly the independent power producers (IPPs), at the centre of South Africa’s energy transition. Each partner will give the Embedded Generation Investment Program €200 million (EGIP). By providing risk capital for initiatives carried out by private sector organizations and local governments, this DBSA initiative offers a credit assistance facility to finance embedded renewable energy projects.