Power Sector And Other Related News Stories For Friday September 22nd 2023
Renewable Energy’ll Boost Economic Growth, Says Power minister
The Minister of Power, Adebayo Adelabu, has said exploring renewable sources like solar, hydro, and wind, will not only reduce carbon emissions but also spur economic growth and job creation.
A statement made available to The PUNCH on Thursday said he disclosed this at the ongoing Nigeria Energy Exhibition and Conference in Lagos.
The conference, which was organized by Informa Markets and stakeholders from both public and private sectors discussed issues around developing the power sector in the country.
Stakeholders Explore Solutions to Lingering Power Issues at Nigeria Energy Exhibition
Stakeholders at the 10th edition of Informa Market’s Nigeria Energy Exhibition and Conference, x-rayed electricity access in Africa, noting the huge gap between electricity supply and demand, as only a handful of countries can boast of 100% access.
The exhibition was held in Lagos from September 19-21,2023. It attracted West Africa’s most established energy professionals and featured world-renowned power companies.
While much of the world’s attention has been on the ramping of renewable energy sources including hydropower, wind, geothermal power, there remains a strong appetite for conventional fuels with natural gas in particular identified by many African government as a vital transition fuel in the continent ‘s journey to reach its net zero carbon emissions targets.
Prospects of The Electricity Act 2023 in Resuscitating The Nigerian Power Sector
The Act seeks to improve and promote private participation in the transmission segment of the Nigerian Electricity Supply Industry by permitting private investors and non-licensees to invest in the national grid and in the independent electricity transmission networks of the states.
In 2013, the power generation and distribution subsectors of the Nigerian Electricity Supply Industry (NESI) were privatized. However, there has been increasing need to take further legislative actions to address some shortcomings that have persisted in the NESI post-privatization. On 17 March 2023, the Constitution of the Federal Republic of Nigeria (Fifth Alteration) Act, 2023 (Constitution Alteration Act) was enacted into law.
TCN Calls For Energy Storage Regulation Amid Power Crisis
The Managing Director of Transmission Company of Nigeria (TCN), Sule Abdulaziz, has called for proper regulation of energy storage in the power sector.
Abdulaziz disclosed this at the ongoing three-day 2023 Nigeria Energy Leadership Summit in Lagos.
The TCN boss, who was represented by the company’s General Manager, Regulation and Compliance, Ali Bukar, said the 2023 Electricity Act failed to tackle the issue of storage.
“There should be a regulation in the electricity market to account for the amount of energy individuals and households are supposed to store for safety reasons. What is missing in the region’s electricity market is energy storage, which incidentally is one of the shortcomings of the new act,” he said.
Towards A Renewed Renewable Energy In Nigeria; An Overview Of The Electricity Act, 2023
As the world is moving towards the use of renewable energy, Nigeria must not take the back seat. The energy sector is the largest contributor to greenhouse gas emissions causing climate change in Nigeria. Hence, the need for climate centric policies cannot be overemphasized. Admirably, the Nigerian energy sector has seen a new light by way of the Electricity Act, 2023 (“the Act”) which was signed into law on the 9th June, 2023 and described as an Act to integrate renewable energy into Nigeria’s energy mix and attract investments. This article aims to examine the Act in light of the Agencies established under it and climate considerations, as well as its sufficiency or otherwise towards the goal of the Paris Agreement on climate change.
Collaboration, Investment Key To Addressing Nigeria’s Electricity Challenges – Stakeholders
The Federal Ministry of Power and stakeholders in the energy industry have emphasized collaboration and investment as key factors to tackle Nigeria’s electricity challenges.
The key stakeholders including local and international players in the industry at the 10th-anniversary edition of the Nigeria Energy Exhibition and Conference holding from the 19th to 21st of September 2023, at the Landmark Center, pledged to cooperate across the value chain to meet Nigeria’s growing energy need