Power Sector And Other Related News Stories For Thursday March 30th 2023
State Electricity Autonomy Opens Sector to Equipment Manufacturers’ Investments
The constitutional amendment signed by President Muhammadu Buhari on March 17, empowering states to generate, transmit, and distribute electricity in areas covered by the national grid, could open up the sector to investments from Original Equipment Manufacturers (OEMs) and other investors, analysts say.
Olalekan Olabode, chairman of Nigerian Institute of Electrical and Electronic Engineers (NIEEE), Lagos Chapter, told BusinessDay at the Power and Elec Nigeria Energy Exhibition in Lagos that the new law would quicken the pace of industrialisation as it is capable of solving Nigeria’s power challenges.
Otedola Urges Incoming Administration to Tackle Power Challenges
The chairman of Geregu Power Plc, Femi Otedola, has said that Nigeria’s perennial power shortage is a product of a lack of resolve by past governments to prioritise and tackle power challenges.
The businessman made this known while speaking at the closing gong event of the Nigerian Exchange on Tuesday.
“Aliko (Dangote), an individual, has built 2000 megawatts of power for his cement plant, his fertiliser plant, his refinery and a country, since I have been born, only 5000 megawatts,” Mr Otedola said.
NGX Commends Otedola, Geregu for Corporate Governance, Power Sector Leadership
Nigerian Exchange Limited (NGX) has commended the Chairman, Geregu Power Plc, Femi Otedola, and the Board for instituting best practices in corporate governance and playing a leading role in the country’s power sector.
NGX gave the commendation at the Closing Gong Ceremony commemorating the first Annual General Meeting of Geregu as a listed company on the Exchange.The NGX said that since its listing on NGX, Geregu has added more than N800 billion in market capitalisation to NGX as the market continues to price up its shares amid strong revenue generation and dividend yields.
A Clean, Green, Reliable Strategy for Africa -A Just Transition with an Energy Mix
Globally, 800 million people lack electricity – and 80% of them live in Africa. With the continent’s population expected to nearly double by 2050, our energy needs are only growing. Generating reliable electricity for 2.5 billion souls – in a safe, green, and sustainable manner – will prove no small feat.
Fortunately, one solution does meet those competing criteria: nuclear energy. No single power source is a panacea, but nuclear answers many of Africa’s energy needs. It’s a safe, reliable, long-term power source that is arguably more eco-friendly than the most advanced forms of wind and solar energy. Better yet, small modular reactors (SMRs) are addressing the issue of nuclear’s large startup costs. SMRs’ largest components can be built in-factory .
UK Energy Revolution: Bold Move to Boost Energy Security
Among the key initiatives are a commitment to carbon capture usage and storage (CCUS), with the first projects set to be announced soon.
The government is also launching a £160 million fund to support port infrastructure projects to kickstart investment in the UK’s emerging floating offshore wind industry, while the first tranche of green hydrogen production projects is set to receive backing under the £240 million Net Zero Hydrogen Fund.
Hitachi Energy to Support the Transmission of Increasing Volumes of Sustainable Electricity to California
Hitachi Energy, a global technology leader advancing a sustainable energy future for all, is selected to modernize the Intermountain Power Project (IPP) power transmission link between Utah and the Los Angeles area of California, increasing system reliability and efficiency. The selection was made by the Intermountain Power Agency (IPA), which generates electricity in Utah for consumers principally across Utah and California.1 This project is important for meeting demand for power in the region and to shift toward more sustainable energy sources.