Power Sector And Other Related News Stories For Friday October 27th 2023

Posted by News Room October 27, 2023

Africa Needs Massive Investments in Electricity – Elumelu

Billionaire businessman, Tony Elumelu, has said that Africa needs massive investments in electricity to be able to harness its full potential.

The founder of the Tony Elumelu Foundation stated this during a discussion at the Future Investment Initiative 7th Edition: The New Compass, which was held in Riyadh, Saudi Arabia, where he espoused his ‘Africapitalism’ principles.

He said, “We need massive investments in electricity on the continent. An investment in electricity is not just for profitability, we need sustainability but more importantly, it helps to fix the challenges that we have that hold us from taking off as a continent. “

Speaking further, the founder of the Tony Elumelu Foundation said the continent’s youthful population was a unique selling point.



FG, Chinese Consortium Sign $463m Power Development Deal

The Federal Government has signed a $463m power distribution lines upgrade contract with a Chinese consortium.

While making the announcement in Abuja on Thursday, the government explained that the contract would be financed by the China Exim Bank, as it had both off-shore and significant on-shore content.

The Special Adviser for Strategic Communication and Media Relations to the Minister of Power, Bolaji Tunji, disclosed this in a statement, which stated that the deal would enhance the availability of electricity to homes and businesses nationwide.



Enugu State To Generate 690MW/20 Hours Electricity Supply

Enugu State Government, south-west Nigeria to enact a State Electricity Law Post Electricity Act 2023, says it plans to transition from an energy State to a commercially viable electricity market, generating over 690 megawatts of electricity and at least 20-hour per day power supply by 2030.

The government also said the urgency of the State in enacting the Enugu State Electricity Law to take immediate advantage of the 2023 constitution amendment and the Electricity Act 2023 to set up a viable Enugu electricity market and reliable energy supply is in tandem with its economic growth plan to make Enugu State a leading industrial hub.



Rural Electrification: Group lauds achievement of REA’s MD

The Association of Rural Electrification Contractors of Nigeria (ARECON), has lauded the achievements of the Managing Director of the Rural Electrification Agency (REA), Mr Salihijo Ahmad in the power sector.

They urged him to continue to do the good works to help the downtrodden in the society.

This is contained in a statement signed by the Public Relations Officer of the Association, Mr Rotimi Raheem, and made available to the News Agency of Nigeria (NAN) on Thursday in Abuja.

“We are also delighted to hear the news of a clean bill of health given to the MD by the House of Representatives.

“Recall that in our recent press release, we highlighted the giant strides accomplished by Ahmed and his Management team in the improvement of lives of our rural dwellers.



TotalEnergies to Buy German Clean Energy Aggregator Quadra

French oil and gas giant TotalEnergies has entered an agreement with the Aloys Wobben Foundation to acquire Quadra Energy, a German aggregator of renewable electricity, for an undisclosed amount.

Established in 2012, Quadra Energy is one of the top aggregators in the German market, with 9GW of capacity in the form of a “virtual power plant”.

In 2022 the company purchased electricity from 5,000 wind and solar plants and then resold 14TWh to resellers and customers on German wholesale markets.

Since 2021, it has developed a portfolio of medium-term contracts to purchase 2TWh of renewable energy. This energy will be sold under corporate power purchase agreements (PPAs).



FG, ECOWAS to Float Energy Bank

The Federal Government in collaboration with other members of Economic Community of West African States are planning to set up the Africa Energy Bank to cater to crude oil exploration activities in the region.

Outgoing President, the Nigerian Association of Petroleum Explorationists, Elliot Ibie, revealed this to The PUNCH on the sideline of a press conference in Lagos on Wednesday while announcing the 41st annual international conference and exhibition of the group.

According to Ibie, the energy bank would be funded by ECOWAS members and other banks, which he did not mention their names, to boost oil and gas production in the region.


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