Power Sector And Other Related News Stories For Tuesday August 22nd 2023
Adelabu Assumes Office, Pledges ‘Stable’ Power Supply
The Minister of Power, Mr Adebayo Adelabu, has assured Nigerians that the Federal Government will empower them through ‘stable and accessible’ power.
The minister who gave the assurance when he assumed office on Monday in Abuja stressed that every home, industry, school, and business will benefit from the government’s efforts.
To achieve the feat, Adelabu said the ministry will leverage the Nigerian Electricity Act of 2023 to boost the power supply in the country.
The News Agency of Nigeria reports that the Nigerian Electricity Act of 2023 provides a comprehensive legal and institutional framework for the operation of a fully privatised, cost and service-reflective tariff, contract.
Electricity Act 2023 As Nigeria’s Game Changer For Industrialization (1)
On August 4, President Bola Tinubu kicked off the Gwagwalada Independent Power Plant, GIPP, to be fired by gas and which will provide about 11% of Nigeria’s energy needs.
The 1,350 megawatts plant, which is being built in three phases, is being executed with funding from the Nigerian oil/gas behemoth, Nigerian National Petroleum Company Ltd, NNPCL.
The first phase that is expected to be completed in three years would add 350 megawatts to Nigeria’s current electricity energy inventory.
‘Nigeria’s Energy Industry is Dysfunctional and Outdated’
At 70, Mr Soji Awogbade is set to retire from AELEX, a law firm that he co-founded with four other partners in 2004. He has been in the saddle as Head of the Energy Sector of the firm from the inception of the firm, and also served as Managing Partner for a number of years. In a chat with Onikepo Braithwaite and Jude Igbanoi over the weekend, he shared his thoughts on Nigeria’s challenges in the energy sector, the business of law, the secret of successful partnerships, and his next steps after his exit from the firm
Transcorp Targets 2,000 Megawatts by Year-End, Eyes Power Sector Transformation
Owen Omogiafo, Group Chief Executive Officer of Transcorp Group, revealed a determined pursuit of increasing available power capacity to 2,000 megawatts by year-end.
Speaking in an Arise News interview on August 21, Omogiafo acknowledged the previous challenges with gas and transmission but highlighted the impressive improvement witnessed in Transcorp’s power business in the first half of 2023.
Renewables Suffer Low Penetration Despite Opportunities
Nigeria’s quest to solve the age-long energy access gap in the country through the adoption of renewable energy sources has been impacted negatively due to the high capital expenditure (Capex) involved in acquiring solar home systems and other alternative solutions.
This is happening despite the huge opportunities presented to the renewable energy players and consumers by the soaring petrol and diesel costs as well as the epileptic electricity supply from the national power grid.
Nasarawa Govt, NASENI to Partner on Lithium Processing Policy
The processing policy is in line with NASENI’s drive to encourage the processing of strategic solid minerals and particularly to ensure that batteries are produced locally for both electric vehicles as well as other energy storage applications.
This was disclosed when the Executive Governor of Nasarawa State, Abdullahi A. Sule, paid a courtesy visit to Dr. Bashir Gwandu, the Executive Vice Chairman and Chief Executive Officer of NASENI at the agency’s headquarters in Abuja at the weekend. Nasarawa state is one of the states acknowledged to have potentially the largest deposits of lithium in Nigeria.