Power Sector And Other Related News Stories For Wednesday 12th October 2022

Posted by News Room October 12, 2022

Kaduna Electric Approves Staff Salary Increase

In a statement over the weekend, Yusuf Usman Yahaya, The Managing Director/Chief Executive Officer of the company, announced that the new Board of Directors of Kaduna Electric had approved salary increases for all its employees.

The statement said the board of directors deemed the upward review of staff salaries appropriate and necessary in the face of the prevailing harsh economic situation in the country. He said that being committed to employees’ welfare will ensure they are well motivated to continue working even harder to ensure Kaduna Electric achieves its goals.



Geregu Power Sees 45.5 Percent Increase in Annual Profit as Turnover Nears N71 Billion

Geregu Power in Kogi State, Nigeria, controlled by the business tycoon Femi Otedola, had assets totalling N114.8 billion in value at the end of the review period.

Profit before tax rose to N29.5 billion, more than two-fifths higher. The bottom line accelerated to N20.6 billion by 45.5 per cent.

Nigerian Exchange’s debutant Geregu Power Plc attained 2021 a net profit level 45.5 per cent above the figure it announced a year earlier, according to the audited earnings report of the Ajaokuta-based gas power generator.



NNPC acquires OVH Energy’s downstream Assets

The Nigerian National Petroleum Company Limited, in line with its “acquisition for growth” plan, has acquired OVH Energy Marketing Limited. OVH is the owner and operator of the Oando retail service station and a major downstream player in the oil and gas industry. The acquisition was announced at an unveiling and rebranding event of Oando to NNPC held in Abuja by the Group’s chief executive officer, Mallam Mele Kyari.

Following this acquisition, OVH’s Oando service stations will be rebranded and merged with NNPC retail limited. NNPCL will complete this process by the end of 2023.



Drive Energy Transition with Credible Data – NEITI

The Nigeria Extractive Industries Transparency Initiative (NEITI) pointed out that credible data and National interest should drive the country’s energy transition plan. They stressed that for a just and equitable energy transition, there must be an in-depth analysis of the advantages, disadvantages, available resources and impact of technology on the economy and livelihood.

Dr Ogbonnaya Orji, the Executive Secretary of NEITI, at a National Dialogue on Energy, said it was essential to study the impact, risks, and opportunities of the energy transition on Nigeria’s oil and gas industry. He noted that although the energy transition is reshaping the oil and gas industry, transparency and accountability were vital to a just transition.



TCN Has No Personnel, Overhead Costs in 2023 Budget Appropriation Bill

On October 7, the 2023 budget appropriation bill was made public by the Buhari administration. The document gave a breakdown of allocations to all ministries, departments, and agencies (MDAs) across the board, for the year 2023.

Nairametrics reported the details for the power sector. However, in the breakdown, the personnel and overhead costs were absent for the Transmission Company of Nigeria (TCN). The TCN has budgeted zero Naira for its personnel and overhead costs but had over N26 billion for total allocation in the 2023 budget.



Italians to Turn Thermostats Down Amidst Europe Energy Crisis

Russia’s invasion of Ukraine has led to a gas supply shortage in Europe. As a result, Italy will place some restrictions on central heating this winter. Before the invasion, Italy’s import of Russian gas made up 40% of its total consumption, making Italy the second largest importer of Russian gas in the European Union. However, Italy’s consumption of Russian gas is now down to 10% since Rome turned to Liquified Natural Gas.

Following a new government decree, Italians will turn the heating down by 1 degree and off for an extra hour daily. As a result, buildings will face an extra fifteen days without central heating. This decree will, however, exempt nurseries and hospitals.



Stage Two Load Shedding Returns in South Africa

South Africa’s power company, Eskom, has announced that stage 2 load shedding will be implemented from 4 pm to midnight every evening for the next few days.

Eskom had lost some 14 061 MW of energy due to breakdowns, with a further 5,487MW offline due to maintenance.

The power utility lifted load shedding over the weekend for the first time in at least three weeks after recovering some generation capacity. The load shedding will allow it to replenish its reserves further.



Russia, Iran Plan Joint Energy Projects

At the second Caspian Economic Forum held in Moscow, The Iranian Oil Minister, Javad Owji, and the Russian Deputy Prime Minister, Alexander Novak, discussed prospects of their countries collaborating in several joint oil and gas projects. In addition, many negotiations from different countries have taken place with Iran on the possibilities of developing Iran’s oil and gas fields since the lifting of the international sanctions on Iran in January 2022.

Bijan Zangeneh, Iranian minister of petroleum, during a meeting with Russian Energy Minister Alexander Novak in Tehran, stated that Collaboration with Russia was a sustainable policy in Iran’s plans. Further stating plans for oil and gas trade and swaps between the countries. In the oil and gas swap plan, Iran would supply oil and natural gas from its southern fields to Russia’s customers in the Persian Gulf, Kuwait and Bahrain, while Russia would supply oil and natural gas to the northern part of Iran.



Rwanda Organizes $800m for Zimbabwe’s Rural Electrification

Zimbabwean President, Emmerson Mnangagwa, revealed that President Paul Kagame has helped Zimbabwe secure US$800 million in funding for its rural electrification programme.
Mnangagwa said Kagame would attend the unveiling of the rural electrification programme at the end of this month. The programme aims to transform the rural population’s livelihoods in the Southern African country.
Mnangagwa revealed that the programme feeds into his government’s rural development plan, which encompasses creating smart homes equipped with clean energy, potable water and nutrition gardens.



REA Officials Visit South Korea to Study Power Sector

Officials of the Rural Electrification Agency, REA, visited South Korea to understudy boosting Nigeria’s electricity supply. This visit followed the signing of a Memorandum of Understanding (MoU) between the Korean Institute for the Advancement of Technology, KIAT, and the Federal Government for Premium Grade Mini-Grade Projects in June 2022. The agreement aims to build four independent mini-grids in four unelectrified communities in Abuja with a total capacity of 1,600KwP.



Eskom’s CEO Says Electricity is Too Cheap — Here is How South Africa’s Power Prices Compare

South Africa’s household electricity prices sit in the more expensive half of the global spectrum, with at least 85 nations paying less per kilowatt-hour, a MyBroadband analysis has shown.

MyBroadband used data from GlobalPetrolPrices.com to compare South Africa’s household electricity prices to the rest of the world.

Its data comprises the household electricity prices per kilowatt-hour (kWh) in 148 countries, providing values in local currency and converted to dollars.



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