THE nation’s power sector lost a total of N10.7 billion in the first week of July 2018, showing an increase of 13 per cent compared with N9.3 billion recorded in the last week of June 2018. A report obtained from the office of the Vice President Yemi Osinbajo, attributed the development to insufficient gas supply…
Most of the statements made last week Monday by the Minister of Power, Works and Housing, Babatunde Fashola, about the power sector are false, according to the electricity distribution companies. They said on Tuesday, in a document issued by the Executive Director, Research and Advocacy, Association of Nigerian Electricity Distributors, Sunday Oduntan, that comments made by…
Transnational Corporation of Nigeria (Transcorp) Plc recorded impressive growths in turnover and profitability in the first half with net profit rising by 161 per cent to about N10.9 billion. Key extracts of the interim report and accounts of Transcorp for the six-month period ended June 30, 2018 showed that turnover rose from N34.17 billion in…
The Bureau of Public Enterprises, BPE, yesterday, said most of the Distribution Companies, DISCOs, in Nigeria were technically insolvent. Director-General of the bureau, Alex Okoh, made this revelation during an interactive session at the instance of House Committee on Power, with critical stakeholders in the Nigerian power sector, including Nigeria Bulk Electricity Trading Company, NBET;…
Enugu Electricity Distribution Company (EEDC) yesterday said it has spent more than N10 billion on the procurement and installation of prepaid meters to its customers as part of efforts to end estimated billings in its area of coverage. The company also announced that it inherited more than 700,000 unmetered customers when it took over from…
The Yola Electricity Distribution Company (YEDC), says it has concluded arrangement to commence massive deployment of 435,000 meters to it customers to checkmate issues of energy theft in the zone. The Managing Director, Engr.Mustafa Umara said, the first phase of the project is expected to start with the metering of 8000 customers, mostly in the…
Flared gas in Nigeria is enough to generate between two and three gigawatts (Gw) of electricity. Nigerian Gas Association (NGA)President, Dada Thomas, said this while speaking on natural gas under-utilisation to power the economy. In a document titled: “Natural gas as a catalyst for Nigeria economic transformation: Technical challenges and opportunities”, Thomas, who is also…
The Chief Executive Officer of the Nigeria Electricity Liability Management Company (NELMCO), Adebayo Fagbemi, has said the company’s total inherited liabilities from the privatization of the Nigeria electricity industry stood at N544 billion as at December 2017. He listed the liabilities as: engineering, successor companies, legacy debts, creditors, power producers and Power Purchase Agreement (IPP’s…
As Africa faces emerging opportunities to help deliver efficient, affordable and reliable electricity to consumers, GE Power’s Grid Solutions business(NYSE: GE) today unveiled a whitepaper on the “Digitization of Energy Transmission & Distribution in Africa.” The paper explores the opportunities and challenges faced in Sub-Saharan Africa as the new future of energy and electrification emerges. The…
By the end of last year, renewable energy investments declined by its largest amount ever and are likely to keep falling this year. It fell to $298bn in 2017 from $318bn in 2016, according to the International Energy Agency, IEA. This fall threatens global climate goals. The figures showed that capital spending in renewable energy…
