Power Sector And Other Related News Stories For Wednesday 27th March 2024

Posted by News Room March 27, 2024

Tinubu, Nigeria Needs Stable Electricity Supply

It is very disheartening that in 2024, the provision of a stable electricity supply remains a political campaign rhetoric. Nigeria is a laughing stock of the global community as a country whose citizens rely on different sizes and shapes of private electricity generators to power their homes and businesses. Billions of dollars of investments in the power sector have only yielded a mere 4,500 megawatts of public electricity supply. All the various reforms including privatisation of electricity generation and distribution haven’t impacted positively on the electricity supply chain. Even the payment of subsidies to power distribution companies has not made electricity readily available to consumers.


EU Launches €9m Energy Projects in Nigeria

The European Union, in continuation of its commitment to supporting the Federal Government in providing clean, affordable and sustainable energy for all, has introduced two new projects worth €9m in Nigeria’s energy sector.

The EU disclosed this in Abuja, on Tuesday, during the project inception workshop organised in partnership with the Federal Government and United Nations Industrial Development Organisation.

The PUNCH reported that Nigeria, with a population of over 200 million, had an electricity consumption per capita of 147 kilowatt-hours in 2022, while South Africa with a population of over 60 million boasted of electricity consumption per capita of 3,566 kilowatt-hours during the same period, according to the World Bank.


An Overview Of The Rights And Obligations Of Electricity Customers In Nigeria

Electricity is an essential resource for the modern man and society. It is for this reason that the industry is highly regulated across the globe. Pending when subnational governments will create their respective electricity markets by enacting electricity laws in line with the recent constitutional amendment,1 the Electricity Act 2023 (the EA) remains the flagship law governing the Nigerian Electricity Supply Industry (NESI) – which by extension includes the rights of consumers. In a similar vein, the Nigerian Electricity Regulatory Commission (NERC) is the primary regulator of NESI pending when states establish their respective regulatory authorities.


NERC says 11 Discos Receive 2,577.60gwh of Electricity in January 2024

Eleven electricity distribution companies in the country received a total of 2,577.60GWh of electricity, valued at N130.92 billion in January 2024, according to the Nigerian Electricity Regulatory Commission, NERC.

The Discos are Abuja, Benin, Eko, Enugu, Ibadan, Ikeja, Jos, Kaduna, Kano, Port Harcourt and Yola electricity distribution companies.

Data released by NERC on the commercial performance of Discos showed that while Ikeja and Abuja Discos received the highest volume of power, 413.69GWh and 403GWh each, in the month under review, Yola Discos got the least volume of 74.92GWh of power.


Konexa Secures USD 18 Million Investment for Renewable Energy Trading Platform in Nigeria

Konexa, a UK-based integrated energy development and investment platform, has secured a significant investment of USD 18 million from climate-focused fund manager Climate Fund Managers (CFM) and Microsoft’s Climate Innovation Fund. This investment aims to establish Konexa’s private renewable electricity trading platform and provide 100% green energy supply to Nigeria Breweries PLC, a leading client in Nigeria’s brewing industry.

Having obtained a private energy trading license in Nigeria, Konexa is poised to revolutionize the energy market by sourcing renewable power from Independent Power Producers (IPPs) and distributing it through the national grid to private clients at competitive rates. This initiative will enhance energy reliability and sustainability for consumers while bolstering the resilience and efficiency of the national grid.


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