Power Sector And Other Related News Stories For Monday August 21st 2023

Posted by News Room August 21, 2023

Addressing Nigeria’s Energy Sector New Setback

A near rough deal between the federal government and the German government to debottleneck Nigeria’s electricity transmission facilities could be be delayed for about five years, the global energy systems firm has said.

LEADERSHIP reports that Siemens Energy has initiated a review of its wind business after taking a large hit to earnings and expected full-year revenues and profits due to problems at its unit Siemens Gamesa, one of the largest wind turbine makers in the world.



CBN Loan to Manufacturers, Power Firms Rise to N5.6tn

The Central Bank of Nigeria intervention in the power, manufacturing and aviation sectors have risen to N5.6tn in three years, according to findings by The PUNCH.

The soft loans were advanced amid the continued and varied challenges facing the key sectors of the economy.

The apex bank loans to the three sectors were obtained from the CBN result and accounts between 2020 and 2022.

The reports which showed credit concentration in the various sectors of the economy indicated that power, aviation and manufacturing sectors recorded an aggregate ofN5.6tn in loans from the central bank.



FGN Power Clears Transformers From Port

THE Federal Government has cleared eight power transformers, under the Presidential Power Initiative, PPI, from Lagos Port  for installation in different parts of the nation.

The clearing of the transformers was delayed due to challenges at the port for several months, thus delaying the smooth execution of the PPI targeted at enhancing power supply to consumers nationwide.

But checks by Vanguard, weekend, indicated that all the transformers have been cleared by the FGN Power Company, a special purpose vehicle established by the Federal Government to execute the PPI, thus signalling the installation nationwide.



Abia Residents Protest Estimated Billing of Electricity

Residents in Umuahia, the Abia State capital, have protested against Enugu Electricity Distribution Company (EEDC) over the use of estimated billing for electricity consumption.

They lamented that this is happening despite purchasing transformers and other accessories to ensure steady power supply. They also demanded for pre-paid metres, prompt attention to their fault- reports, and complaints, promising that where these demands were being met, they would expedite payment of their certified consumed bills.



Adelabu Will Stabilize Power Sector, Make it Cornerstone for Economic Growth

Adelabu Support Group has submitted that the appointment of Chief Adebayo Adelabu as Minister of Power will turn the sector around and make it the cornerstone for the socio-economic growth in the country.

The group had in a statement signed by Olatosho Akinriniola, Mrs Oke Aina, the coordinator and publicity secretary respectively and made available to the newsmen on Sunday, expressed confidence in Adelabu’s capability to make the power sector a reliable cornerstone for economic growth.

“We are confident in Adelabu’s dedication, loyalty, and ability to deliver as Minister of Power.



Three West African Countries Owe Nigeria N132bn For Electricity in 4 years – NERC

Foreign customers in Benin, Togo and Niger are indebted to Nigeria for N132.2 billion in electricity bills supplied to them from 2018 to the first quarter of 2023.

Analysis of quarterly reports produced by the Nigerian Electricity Regulatory Commission (NERC) showed that the amount owed is from the N180.8 billion billed to the customers from which they paid N48.57 billion, representing 26.8 per cent.

The breakdown of the figure showed that Benin topped the debtors list with a bill to the tune of N72.1 billion through its Société Beninoise d’Energie Electrique (SBEE), followed by Niger Republic with N31.3 billion through its Société Nigerienne d’electricite (NIGELEC) and Togo with N10.03 billion through its Companie Energie Electrique Du Togo.



Cost of Solar Systems Rises 120% to N550,000 as Forex, Inflation Worsen

THE average cost of installing solar systems in the country has risen by 120 per cent to N550,000 in 2023, from N250,000 in 2022, due mainly to inflation and the depreciating value of the naira/dollar.

The naira exchanged for more than N800/$, weekend, a development that put additional pressure on local investors interested in importing solar solutions and other items from the global market.

However, the development has scuttled operations, especially new investments, supply, demand and impact on households, businesses and institutions economy-wide.


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