Power Sector And Other Related News Stories For Monday October 23rd 2023
FG Attracts $2bn Investments in Renewable Energy Sector
The Federal Government, on Sunday, announced that it attracted over $2bn in investments in the renewable energy sector over the past decade.
It announced this through the Rural Electrification Agency, adding that in advancing these achievements, it established partnerships with the World Bank, African Development Bank, Global Alliance for People and Planet, Rocky Mountain Institute, and Japan International Cooperation Agency.
Others include the Sustainable Energy for ALL, Agence Française de Développement, the United Kingdom Nigeria Infrastructure Advisory Facility, European Union, United Nations Industrial Development Organisation, Global Environment Facility, United States Agency for International Development. among others.
Chinese President Pledges Increased Investments in Nigeria’s Power Sector, Digital Economy
Chinese president, Xi Jinping has assured that his country will increase further investments on Nigeria’s power sector and its digital economy.
Xi, who made this known last week, said, a significant size of investment in Nigeria’s power sector will be coming from China.
Nigeria’s National Agency for Science and Engineering Infrastructure (NASENI) and three Chinese partners signed contracts for new projects valued at $2 billion, Vice President Kashim Shettima’s office said.
Shettima, dropped the hint in the wake of a Belt And Road Initiative forum in Beijing.
FG Attract $2bn Investments in Renewable Energy Industry
The federal government says it attracted $2 billion in investment in the renewable energy sector over the past decade.
The Director of Promotion and Outreach of Rural Electrification Agency, Mutari Ibrahim, disclosed this in a statement issued in Abuja.
According to him, the agency had achieved massive financing in the industry in the last three years with the World Bank, African Development Bank, Global Alliance for People and Planet, Rocky Mountain Institute, and Japan International Cooperation Agency.
Geregu Power: Revenue Growth, Finance Income Drives Profit
Geregu Power Plc reported double-digit increase in revenue and finance income that played a significant role in the company’s profit generation in nine months ended September 30, 2023.
Nigeria’s leading electricity generation company reported a profit before tax of N17.4 billion in nine months of 2023, marking a substantial growth of 25.3 per cent from N13.9 billion reported in the corresponding nine months of 2022.
In terms of profit after tax for the period under review, Geregu Power achieved N11.36 billion, up by 13.3 per cent from N10.03 billion in the same period last year.
It’s worth noting that the company has surpassed its total profits of N10.1 billion reported in 2022 financial year.
Without Subsidy, Most Nigerians Can’t Afford Cost of Electricity –DisCos
The Association of Electricity Distributors of Nigeria (ANED) has said that without electricity subsidy, most Nigerians will not be able to afford the actual cost of power supplied them.
This was even as it said that the Federal Government will continue to pay electricity subsidy until the industry is fully mature and attains a status of charging cost reflective tariff.
The clarification comes as the Nigerian Electricity Regulatory Commission (NERC) last week said the Federal Government paid a total of N135.23 billion to subsidise electricity consumption in the second quarter of 2023.
REA to Power 250,000 Households in 2024
The Rural Electrification Agency (REA) is set to provide support to 250,000 households with initiatives such as electric mobility, mini-grids, and home systems.
Malam Mutari Ibrahim, the Director of Promotion and Outreach (PIO) said this in a statement in Abuja.
- “In response to subsidy removal, REA is implementing interventions to develop electric mobility, mini-grids, distribute home systems, deploy streetlights, potentially supporting up to 250,000 households in the coming year,” he announced.
Ibrahim said that the agency had equally deployed more than 1,650 kilometres (KM) of solar streetlights, improving power, security, and economic growth in rural areas.