Energy - Business Metrics

Nigeria: Electricity generation plunges below 4,000 megawatts

Apr 12, 2021 Banjo Olaniran

Nigeria: Electricity generation plunges below 4,000 megawatts Electricity generation in the country fell below the 4,000 megawatts mark on Sunday as 11 plants were idle, even as several others suffered declines in the output. Total power generation fell to 3,922.2MW as of 6am on Sunday from 4,394MW on Saturday, according to data obtained from the Nigerian Electricity System Operator. Eleven of the power plants on the national grid did not generate any megawatts of electricity as of 6am on Sunday. The idle plants included six of those built under…

We’ve invested $1bn in power sector – Tony Elumelu

Apr 7, 2021 Omobayo Azeez

To the Chairman of Heirs Holdings Tony Elumelu

We’ve invested $1bn in power sector – Tony Elumelu Tony Elumelu, Chairman of Transcorp Group and United Bank for Africa (UBA) Plc has disclosed that his companies have invested a collective sum of $1 billion in power sector. According to him, the investment was fueled by the belief of his organizations that the economic transformation of Nigeria and Africa will rest on the availability of power. The founder of the Tony Elumelu Foundation (TEF) said this on Tuesday in an address he delivered to the Anglican Church Youth…

FG begins installation of 100kWp power plant in Cross River community

Apr 1, 2021 Banjo Olaniran

FG begins installation of 100kWp power plant in Cross River community The Federal Government has begun the installation of a 100 Kilowatts Peak (KWP) Isolated Mini Grid at Bolton Hill Community, Obanliku Local Government Area of Cross River. The Minister of State for Power, Mr Jeddy Agba, while performing the ground breaking on Wednesday in Obanliku, said the power project was deployed to serve the people of the community. According to the News Agency of Nigeria (NAN), Agba said that the Federal Government was committed to the project…

Discos failed to pay N510.53bn in 2020 – NERC

Mar 30, 2021 Banjo Olaniran

Discos failed to pay N510.53bn in 2020 – NERC Power distribution companies (Discos) in Nigeria failed to pay a total of N510.53bn for the electricity sold to them in 2020 by Nigerian Bulk Electricity Trading (NBET) Plc, the Nigerian Electricity Regulatory Commission has said. The government-owned NBET buys electricity in bulk from generation companies through Power Purchase Agreements and sells through vesting contracts to the Discos, which then supply it to the consumers. The 11 Discos were given a total invoice of N730.71bn for the energy received in…

FG moves to revive rotting $600m oil fabrication yard in Lagos

Mar 29, 2021Mar 29, 2021 Ugochi Emmanuel

FG moves to revive rotting $600m oil fabrication yard in Lagos The Federal Government has said it is ready to champion revival of $600 million (about N228 billion) oil fabrication yard in Lagos State stalled since 2015 after a force majeure declared by an international oil company operating in the country. The Snake Island Fabrication Yard was being built by an indigenous company, Kaztec Engineering Limited, with Addax Petroleum Development Company as its technical partner. The member of the board of Nigerian National Petroleum Corporation (NNPC), Senator Magnus Abe,…

Nigerians to buy petrol for N234 per litre as NNPC get tired of N120bn monthly subsidy payment

Mar 25, 2021Mar 26, 2021 Umar Suleiman

Nigerians to buy petrol for N234 per litre as NNPC get tired of N120bn monthly subsidy payment The Nigerian National Petroleum Corporation (NNPC) has lamented the burden placed on it by the ongoing subsidization of the cost of petrol also known as Premium Motor Spirit (PMS) in the country, saying that sooner or later Nigerians have to pay the actual cost for the commodity. The Group Managing Director (GMD) of the NNPC, Mele Kyari, gave the indication at the weekly presidential ministerial media briefing featuring Minister of State…

Expect petrol from Port Harcourt Refinery after 18 months — NNPC

Mar 23, 2021 Business Metrics

Expect petrol from Port Harcourt Refinery after 18 months — NNPC The Nigerian National Petroleum Corporation (NNPC) said on Monday that the Port Harcourt refinery being rehabilitated for $1.5 billion will start refining gasoline (petrol) within 18 months of the project. The Group Managing Director (GMD), NNPC, Mele Kyari, who said this in Abuja on Monday, clarified that the approved fund was for complete rehabilitation and not turnaround maintenance. According to a report by the News Agency of Nigeria (NAN), Kyari said: “During rehabilitation, by the 18th month,…

FG approves N575bn for immediate rehabilitation of Port Harcourt refinery

Mar 18, 2021Mar 18, 2021 Ugochi Emmanuel

FG approves N575bn for immediate rehabilitation of Port Harcourt refinery The Federal Executive Council (FEC), presided over by President Muhammadu Buhari on Wednesday, approved the sum of $1.5 billion, about N575 billion, for immediate commencement of rehabilitation work on the largest refining company in the country, the 32-year-old Port Harcourt Refinery. This follows a memo by the Minister of State for Petroleum Resources, Timipre Sylva, on its rehabilitation, which was presented to the council and its subsequent approval today, March 17, 2021. According to a tweet post by Bashir…

AfDB commits $530m to renewable power transmission in Angola

Mar 16, 2021 Umar Suleiman

AfDB commits $530m to renewable power transmission in Angola The African Development Bank (AfDB) has committed $530 million to finance the construction of a 343 km, 400 kV central-south transmission line that will connect the north and south transmission grids in Angola and allow for the distribution of clean energy between the two regions. The north of Angola has a surplus of more than 1,000 MW of mostly renewable power, whereas the south relies on expensive diesel generators, supported by government subsidies. Transmission capacity will increase by 2,250 MW…

Nigerian oil producers earn $2.4bn on 39.2mb exported in February

Mar 16, 2021 Umar Suleiman

Nigerian oil producers earn $2.4bn on 39.2mb exported in February Oil producers in Nigeria raked in $2.4304 billion from oil exports into the market controlled by the Organisation of Petroleum Exporting Countries (OPEC) in February, 2021. This came as OPEC declared that the country pumped 39.2 million barrels into the market in the 28 days of February based on 1.4 million barrels daily output. Checks show that the average cost of crude oil in February stood at $62 per barrel. Based on the figure of $62 per barrel and…