Power Sector And Other Related News Stories For Tuesday December 5th 2023
Stakeholders Seek sustainable Funding of Power Sector
Relevant stakeholders have sought sustainable funding of the power sector by state governments, distribution companies (DisCos), investors and interested parties.
They made the appeal in Lagos at the 14th yearly Power and Utilities Roundtable, organised by PwC, themed: “The Electricity Act 2023: Powering Nigeria.”
Partner at PwC, Pedro Omontuemhen, who stated that power poverty was a significant challenge in Nigeria, called for wholesale investments.
Also, Partner and Finance Advisory Leader at PwC, Bimbola Banjo, dispelled misconceptions, canvassing renewable energy.
Electricity Generation Rises 5.1% to 5,011.97MW
Nigeria’s electricity generation rose by 5.1 percent, yesterday, to 5,011 megawatts, MW, from 4,757.36MW recorded last week.
This was contained in the data obtained from the Nigerian Electricity System Operator, NESO, an autonomous unit of the Transmission Company of Nigeria, TCN.
The data obtained by Vanguard did not provide reasons for the said improvement but checks attributed it to improved supply of gas to the thermal stations.
Experts Review Electricity Act, Propose Amendments at PwC Roundtable
Experts have reviewed the provisions of Nigeria’s Electricity Act 2023 and called for the amendment to impact on power sector and Nigeria’s economy.
The review was conducted at the just-concluded 14th edition of PwC Nigeria’s Annual Power and Utilities Roundtable, with the theme “The Electricity Act 2023: Powering Nigeria.”
Commenting on this year’s roundtable’s theme and its importance in shaping the future of Nigeria’s power sector, Pedro Omontuemhen, Partner and Energy, Utilities and Resources Leader, PwC Nigeria, said: “The 2023 power roundtable’s timing coincides with the ongoing COP 28 in Dubai, highlighting the urgent need for continued action on climate change especially in the area of renewable energy.
Stakeholders Lament Nigeria’s Power, Gas Supply Crises
Players in the energy sector have lamented that despite Nigeria’s enormous natural and human resources, it’s unable to supply electricity to over half of its population and clean up the downstream of its oil and gas industry.
The stakeholders spoke at the 2023 World Energy Day celebration organised by the Nigerian Association of Energy Economics (NAEE) and Society of Petroleum Engineers (SPE) in Abuja, themed: “Energising Nigeria’s Future: Bridging Energy Aspirations and Realities.”
President of NAEE, Prof. Yinka Omorogbe, who advocated an excellent energy mix as essential to energising Nigeria, argued that the country must deal with its present day harsh realities in the energy sector to make any progress.
Infracorp Secures 1GW Solar PV Manufacturing Plant In Nigeria
The Nigerian government has taken a significant step towards addressing the country’s power challenges by signing a memorandum of understanding (MoU) to launch a 1GW Solar PV Manufacturing plant in the country.
The agreement reached at the ongoing 28th session of Conference of Parties (COP28) in Dubai, United Arab Emirates, signifies Nigeria’s commitment to a sustainable and self-reliant future and its determination to provide reliable energy for its people.
The signing of the MoU is seen as a significant catalyst in unlocking the potential of various economic sectors such as agriculture, healthcare, and education.
FG Allocates N40bn To Clear MDAs’ Electricity Debts In 2024
In the 2024 budget, the federal government has earmarked N40 billion to settle outstanding electricity bills owed by ministries, departments, and agencies (MDAs). This allocation, categorized as ‘Settlement of MDAs’ Electricity Debts,’ remains consistent with the budget for 2023 but represents an increase from the 2022 allocation of N27 billion.
Despite the privatization of the power sector in November 2013, some MDAs, including the military, have accumulated substantial unpaid energy bills, exceeding N90 billion. This persistent issue has prompted the government to allocate funds to address these arrears and ensure a sustainable power value chain.
Earlier in 2022, the Association of Nigerian Electricity Distributors raised concerns about the mounting debts, emphasizing the need for resolution.