Power Sector And Other Related News Stories For Monday April 17th 2023
FG’s N5bn Gas Fund Dormant at GACN as Shortages Cripple Power Generation, Supply
About N5 billion federal government’s gas-to-power fund meant to settle gas suppliers is currently lying idle at the Gas Aggregation Company of Nigeria Limited (GACN) despite the complaints by generation companies (Gencos) of the lack of gas to run their plants, THISDAY’s finding has revealed.The failure of the GACN, THISDAY learnt was to pay oil companies supplying gas to thermal power plants. While the fund remains dormant in its account, this has worsened Nigeria’s poor electricity generation and delivery to people’s homes and businesses.
Addressing Inadequate, High Energy Cost For Manufacturing Sector Growth
Nigeria has over 200 million people and a huge productive sector that are energy-dependent, but electricity distributed in the country has been a mere 4000MW. This explains the reason why various Manufacturers CEO Confidence Index (MCCI) ranked poor supply of electricity among the top challenges of the sector. In addition, the energy challenges are variously represented as the cause for the poor competitiveness of the economy and manufacturing sector.
Better Ways to Manage Household Electricity Bills
Despite lack of a stable electricity supply in Nigeria, payment of electricity bills has repeatedly involved conflicts between customers and electricity suppliers.
This is common in urban and rural areas where there are no meters, and with the rise in energy costs which is becoming more challenging to settle with many finances in place.
A report by The PUNCH indicates that the Ministries of Construction and Housing and Environment have officially turned their backs on grid electricity.
Angry Youths Protest Erratic Power Supply in Osun Community
Residents of communities in Ife North Local Government have protested erratic electricity supply by the Ibadan Electricity Distribution Company (IBEDC).
The youths from Ipetumodu, Asipa, Akinlalu, Yakooyo, Moro and Edunabon also protested alleged outrageous electricity bills issued by the IBEDC to their communities.
They called on the Osun State Governor, Ademola Adeleke and the newly elected member of the state House of Assembly, Akinyode Abidemi Oyewusi to urgently come to their aid.
Nigeria’s Huge Gas Resource Offers Ready Access to Low-Carbon Energy
Nigeria’s huge natural gas reserves provide the nation with ready access to low-carbon energy to address energy poverty, said state-owned Nigerian National Petroleum Company Limited (NNPC) CEO Mele Kyari.
The West African nation’s domestic gas infrastructure network can transport about 6.9 billion standard cubic feet (scf) of gas to support power generation and gas-based industries, Premium Times newspaper reported Kyari as saying.
The country’s gas reserves stand at over 200 trillion cubic feet (TCF), potentially growing to 600 TCF, as more investment is forecast following the dispute resolutions.
G7 Ministers Agree To Expedite Renewable Energy Development
The Group of Seven (G7) rich nations have agreed to speed up renewable energy development and move towards a quicker phase-out of fossil fuels.
Their position is contained in a communique issued at the end of two days of meetings on climate, energy and environmental policy in the northern Japanese city of Sapporo on Sunday.
The ministers also set big new targets for solar power and offshore wind capacity as renewable fuel sources and energy security have taken on a new urgency following Russia’s invasion of Ukraine.
AfDB, EU, France Invest $300m in Tanzania’s Hydropower Project
The government of Tanzania, the African Development Bank (AfDB), and the French Development Agency (AFD) have signed agreements for two development project loans worth $300 million. The funds will finance the construction of the 87.8-megawatt Kakono Hydropower Plant located in Kagera region in the northern part of Tanzania. The project also received a grant of €36 million from the European Union.
Tanzania is dependent on hydropower and thermal power plants – mainly gas-fired – for its electricity supply. However, it has considerable untapped renewable energy potential to meet its rapid growth while taking a low-carbon path.