Power Sector And Other Related News Stories For Thursday December 14th 2023

Posted by News Room December 14, 2023

Power Sector: Planned Restructuring of TCN Dangerous, Says NLC

The Nigeria Labour Congress on Wednesday faulted plans by Federal Government to unbundle power sector through the Ministry of Power under the watch of the minister, Bayo Adelabu and Bureau of Public Enterprises.

The congress, in a statement signed by its President, Joe Ajaero, noted that the proposed power sector reforms were being initiated to prepare the Transmission Company of Nigeria for “total privatisation.”

The PUNCH on Tuesday reported that the Federal Government through the BPE, announced its plans to sell off 40 per cent shares of the government in electricity distribution companies in the capital market in 2024.



Nigeria Charts New Power Sector Blueprint, May Halt Dollar-Denominated Gas Transactions

Nigeria’s federal government, on Tuesday, began another round of consultation aimed at revamping Nigeria’s ailing power sector, with a hint that industry players might need to dump dollar-denominated transactions to surmount the gas supply problem. Minister of Power, Chief Adebayo Adelabu, stated this at the opening of a three-day retreat he convened in Abuja.

The summit saw a huge turnout of players in the power sector.

Adelabu argued that a good way to tackle the volatility of gas prices by the Generation Companies (Gencos) was to remove the dollar factor


Why Nigeria’s Power Sector Needs Rework

Nigeria’s power ministry has hinted at plans to halt dollar-denominated transactions to address the gas supply challenge facing the sector, as part of possible reforms for the sector at the 3-day retreat with key power sector stakeholders. Oti Ikomi, the CEO of Proton Energy, joins CNBC Africa for this discussion and an overview of the power sector.



Federal Government Spends N600bn On Electricity Subsidy In 2023

Federal government has spent over N600 billion to subsidise electricity in 2023 alone, as forex unification and the high inflationary pressures in pushed cost-reflective tariffs to N124/kWh.

The Nigerian Electricity Regulatory Commission (NERC) which made this known revealed that the federal government paid the sum of N2.8 trillion to subsidise electricity consumed in the country from 2015 to 2022.This is as the minister of Power, Adebayo Adelabu, is advocating for the pricing of gas utilised by the electricity Generation Companies (GenCos) in Naira to allow better management of the foreign currency-related inflationary trends in the sector.



Power Sector Reforms Targeted at Dashing Hopes of Nigerians –NLC

Plans by the federal government to restructure the Transmission Company of Nigeria (TCN) as stated by the Minister of Power; Mr. Adebayo Adelabu has been described as policy that would throw Nigeria into serious power crisis.The president of the Nigeria Labour Congress (NLC) Joe Ajaero in a statement yesterday, said the intended restructuring of TCN is laden with other intentions that may be hidden but very clear to every discerning Nigerian.Ajaero said the proposed plan portends great danger to the Power sector and holds great fear and trepidation for major stakeholders within the Power sector.



Electricity Access in Nigeria Stands at 54.3%

The Director General, Standards Organization of Nigeria, SON, Ifeanyi Chukwunonso Okeke has disclosed that current electricity access of the country has been at 54.3% in the last two years.

Okeke made this disclosure at the Awareness Rising/Designation work for minimum energy performance standard in Abuja.

He said the figure was gotten from the World Bank record.

The Director General who was represented by the Director Laboratory services, Adewumi Richard, stated this is in view of the urgent need to ensure the consumers transit to use of energy efficient appliance.


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