Power Sector And Other Related News Stories For Friday October 20th 2023
Minister Seeks Synergy With Private Sector to Tackle Power Challenges
Adebayo Adelabu, Nigeria’s power minister, has harped on the need to create an improved partnership between the public and private sectors to address critical issues in the Nigerian power sector.
The minister made the call during a session with energy journalists recently, noting that the numerous challenges in the power sector have led to frequent power outages, fluctuations in electricity generation, and in some cases complete grid collapse.
The minister, who was represented by Nosike E.N, the director of the transmission services department in the power ministry, said that the government has set an ambitious target to generate about 30,000 megawatts (MW) of electricity by 2030 with renewable energy contributing 30 percent to Nigeria’s energy mix.
REA, AMDA Sign Deal to Boost Mini-Grid Deployments
Rural Electrification Agency, REA, has signed a Memorandum of Understanding with the Africa Mini-grid Developers Association, AMDA, to accelerate the deployments of mini-grid across Nigeria.
The REA, through the Nigeria Electrification Project, has so far installed 103 solar mini-grids across the country with funding from the World Bank.
Speaking at the MoU signing in Abuja, the Managing Director, REA, Engr. Salihijo Ahmad, explained that the deal will focus on knowledge sharing, capacity building, and better coordination of the sector, amongst other initiatives.
Ahmad noted that the Federal Government was determined to provide affordable and clean energy to Nigerians across the country.
Association to Invest Over $80m in Renewable Energy Sector – Official
Mr Ayo Ademilua, President, Renewable Energy Association of Nigeria (REAN), says no fewer than 80 million dollars is available for energy projects in the country for its members through investors.
Ademilua said this during the Renewable Energy Investment MaMatchmakin event on Wednesday in Lagos.
The News Agency of Nigeria (NAN) reports that the theme for the Renewable Energy Investment Matchmaking is “Energising Partnerships: Connecting Investors To Transformative Renewable Energy Projects”.https://nannews.ng/2023/10/19/association-to-invest-over-80m-in-renewable-energy-sector-official/
Kaduna Electric Bags Award For Quality Service
The Kaduna Electric has been honoured with an award by a food company, FalGates Food Limited for its outstanding contribution to the success of the company.
This is disclosed in a statement by the company’s Head of Corporate Communication, Abdulazeez Abdullahi, on Thursday in Kaduna.
Abdulazeez stated that the award was presented to the Kaduna DisCo on Wednesday by the company’s Managing Director, Abubakar Falalu.
Nigeria Requires $262b Investment to Achieve 30,000MW
About $262 billion investment is required in the power sector if the 30, 000 megawatts (Mw) electricity generation target set by the government is to be actualised by 2030.
This is as the set target may be hampered by the state of power sector infrastructure, which experts said, could not effectively generate the much-needed electricity for the country.
Of this project target, renewable energy is expected to contribute 30 per cent to the energy mix by 2030.
The Minister of Power, Adebayo Adelabu, dropped this hint at an oil and gas conference in Lagos.
Otedola’s Geregu Power Reports 13% Jump in Nine-Month Profit Amid Soaring Impairment Loss
Post-tax profit at Femi Otedola’s Geregu Power came in 13.3 per cent stronger for the first nine months of the year when weighed up against the figure for the same period of last year.
The gains were recorded off the back of growth across its two key revenue streams.
Fairly stronger proceeds from both the energy sold and capacity charge lent the support that saw revenue 42.9 per cent up to N55.7 billion for the electricity producer.
The company has in February welcomed FEDA, a unit of Afreximbank, as its first substantial shareholder after it went public.