Power Sector And Other Related News Stories For Wednesday August 23rd 2023
Gas Shortage Deepens Power Crisis
The shortage of gas supplies to electricity generation companies has worsened Nigeria’s power crisis. The country requires an estimated 30,000 megawatts to achieve electricity sufficiency, but has only been able to generate 5,000 megawatts, falling short of the Federal Government’s target set last year, OPEOLUWANI AKINTAYO writes
The Nigerian Electricity Regulatory Commission declared last year that from July 1, 2022, the country’s power sector would aim to generate a minimum of 5,000 megawatts of electricity. However, this is far below the country’s requirements. The Association of Nigerian Electricity Distributors, which represents Electricity Distribution Companies, estimates that the country requires 30,000 megawatts of electricity generation to meet its immediate needs.
Power Minister, Adelabu, Lists Implementing 2023 Electricity Act, Achieving Universal Metering, Others as Top Priority
Nigeria’s new Minister of Power, Chief Adebayo Adelabu, assumed office on Monday to take on the country’s troubled sector, outlining key focus areas of the ministry under his watch including implementation of the 2023 Electricity Act, achieving universal metering of consumers amongst other top priorities.
The minister, who spoke at an event in his office in Abuja, immediately after the inauguration by President Bola Tinubu, pledged to leverage Information and Communications Technology (ICT), existing policies and programmes of his predecessors as well as stakeholder collaboration to solve Nigeria’s power challenge.
IEA Urges Governments to Triple Renewable Capacity
The International Energy Agency (IEA) has urged governments to triple global renewable capacity by 2030 to meet the goals of COP28.
The agency stressed that the scenes from a world baking in record heat in recent weeks present a grim reminder that limiting the rise in global temperatures to 1.5°C is crucial to avert the worst effects of climate change.
Paths to Rapid Resolution of Electricity Problems in Nigeria
The Nigerian population is about 170,000,000, according to the Nigerian population commission. The United Nations estimates the basic electrical power needs per person to be about 250W. Hence, the power generation capacity to meet the basic power needs of the nation should be about 40,000MW; the Nigerian government has confirmed this much.
The current installed generation capacity is about 12,000MW, from the privatized GENCOs that are operational. However, the national grid is only able to dispatch an average of 5,000 MW. This gives us a power
deficit of 35,000MW.
Renewable Investment Hits $500b Despite Glitches, Concerns
Investments in renewable energy across the world reached a record $500 billion in 2022 due to rising solar panel installations.
Although this is way behind the $1 trillion investment, which went into fossil fuel, Renewable Energy Policy Network for the 21st Century, otherwise called REN21 in a new report, noted that developing countries like Nigeria sadly received a meagre one-fifth of the $500 billion investment.
The dismal share of investment into emerging economies, according to the research, is worrisome in the face of the high population of the economies, which account for two-thirds of the world’s population.
Adelabu Promises Reliable, Accessible Power Supply for Homes, Businesses
The newly inaugurated minister of Power, Adebayo Adelabu, has promised that the Federal Government will provide reliable and accessible power supply to homes and schools across Nigeria.
Adelabu gave this assurance when he assumed office on Monday in Abuja after taking his oath of office following the swearing-in of the new ministers by President Bola Ahmed Tinubu.
“Our aim is to empower Nigeria through reliable and accessible power, ensuring that every home, industry, school, and business benefits from our efforts,” he said in an address.