Power Sector And Other Related News Stories For Monday 17th October 2022
Despite Epileptic Power Supply, Banks’ Credit to Energy Sector Hits N15.55trn
Against the backdrop of worsening power supply in Nigeria, Deposit Money Banks’ (DMBs) credit to the power and energy sector increased to N15.55trillion between 2019 and 2021, the National Bureau of Statistics (NBS) data has revealed.
A breakdown of the numbers showed that banks in 2021 alone, extended N10 trillion credit to the power and energy sector, about 14 per cent of the N71.71trillion total private sector credit.
Aside the power sector, Agriculture, Mining & quarrying, manufacturing, Oil & Gas Power & Energy, Construction, Trade/General Commerce, Government, Information & Communication, among other sectors were extended credits.
In 2020, the Bureau reported N2.91trillion DMBs sectoral allocation of credit to the power and energy sector, an increase of 10.6 per cent from N2.63trillion in 2019.
Rep blames reoccurring National Grid collapse on TCN obsolete equipment
Rep. Magaji Da’u, the Chairman of the House Committee on Power, has blamed reoccurring National Grid collapse on obsolete infrastructure inherited by the Transmission Company of Nigeria (TCN).
Da’u, who represents Birnin Kudu/Buji Federal Constituency of Jigawa, said this when he fielded reporters’ questions after a reception in his honour on the completion of his PhD programme in Birninkudu on Sunday.
Why banks are reluctant to fund power, by expert
The illiquidity, weak infrastructure among other factors bedeviling the power sector are some of the major reasons banks are not passionate about lending to the sector, Chief Executive Officer, Century Power Generation Limited, Chukwueloka Umeh, has said.
He spoke during an online interactive session with media in Lagos.
According to him, the inability of government to totally leave the power sector for private operation, and concentrate purely on regulation and creation of good operating environment are the bane of the power sector making it difficult to attract the right funding.
Geregu Power Sets Post-Listing Compliance Standard
Geregu Power Plc (GPP), the first and only power generating company to list on the Nigerian Exchange Limited (NGX), has demonstrated high level of corporate governance and adherence to post-listing obligations as the company has filed its nine months results ended September 30, 2022.
The results showed a revenue of N39 billion in 2022, compared with N54 billion in the corresponding period of 2021.
The decline, according to the company, is as a result of a nationwide force majeure (FM) declared by Shell Petroleum Development Company Limited on the Forcados oil terminal pipeline. Gas supplies to the plant by Its primary gas supplier was largely impacted in the third quarter.
US To Help Nigeria Generate 10,000 Megawatts Of Electricity – Official
The United States government has assured the Nigerian government of its commitment to add 10,000 megawatts to its generation capacity across the country through its partnership program, Power Africa.
The assurance was given when the US-led Power Africa Coordinator, Mark Carrato, met with government officials, federal regulators, service providers, and other development partners, as part of the itinerary for his four-day official visit to the country.
The Federal Ministry of Power’s website shows that the nation’s current peak electricity generation is within 4,211.10MW.
But in a statement by the US Diplomatic Mission in Abuja, Carrato is in the country to assess the current challenges and progress in increasing electrification efforts in Africa’s most populous country.
Drop in load allocation disrupts power on Lagos Island
Eko DisCo’s management disclosed this in a notice issued on Friday through its official Twitter account.
The firm blamed the development on an issue at Egbin power station which in turn affected Ajah, Lekki, and Victoria Island.
The notice read, “Dear Esteemed Customers, we are currently experiencing a drop in load allocation within our network, affecting Ajah, Lekki, V.I and environs. This is due to an issue at Egbin power station which has led to the shutdown of the generation station.
EKEDC Promotes Embedded Power Generation Options For Optimal Performance
The Eko Electricity Distribution Company(EKEDC) said, it is expanding its partnerships agreements with the view to promoting exceptional service delivery to customers.
The company said, it is also sustaining infrastructure deployment and adopting embedded power generation options to boost its services amid weak supply from national grid just as it assured that it would continue to listen and provide solutions to challenges and complaints raised by customers.
Zimbabwe Secures Indian Loan To Rehabilitate Power Station
Energy and Power Development Minister Zhemu Soda reported that Zimbabwe had secured a US$310 million loan from the Export-Import Bank of India (Exim Bank). The loan is meant to rehabilitate six units at the coal-fired Hwange Power Station to restore its capacity to 920 megawatts.
The rehabilitation of the ageing thermal power plant would be done in three phases and was expected to begin during the first quarter of 2023.
The rehabilitation is expected to improve the energy situation for a country that has experienced rolling power cuts over the past two decades.
EU Launches EuroAsia Electricity Interconnector
The EuroAsia interconnector, a Project of Common Interest (PCI) under the 5th Union List, was launched on Friday. The President of Cyprus, Nicos Anastasiades, the Ministers for Energy of Cyprus, Natasa Pilides and Greece, Kostas Skrekas and the Commissioner for Energy, Kadri Simson, participated in the ceremony held at Nicosia. The first phase of this project under the Connecting Europe Facility (CEF) program has an estimated cost of construction of €1.57 billion and has received a €657 million EU grant. Also, this project has been awarded a €100 million grant from the EU’s Recovery and Resilience Facility.