Sunday, June 16, 2024
MARKET UPDATE
Advertisement Topt

TheCable

Advertisement

FG: Power generation now 5,000MW — first time in three years

FG: Power generation now 5,000MW — first time in three years
May 24
20:48 2024

The federal government says Nigeria’s power sector achieved generation of 5000 megawatts (MW) in May.

Adebayo Adelabu, minister of power, who spoke in Abuja on Friday during the ministerial sectoral update for the present administration, said the achievement was the first time in three years.

“When it comes to generation capacity, 5000 megawatts (MW) of power was achieved in May 2024 for the first time in 3 years,” he said.

“Exactly 3rd of May 2024, we generated, transmitted and distributed 5,345MW of power when we have been generating below 4,000MW.

Advertisement

“We all know what we passed through in February and March. But we rose to the occasion, and we made sure we changed the situation for the better.”

According to Adelabu, the ministry’s target is to achieve 6,000MW of power generation before the end of the year — which would be for the first time in the history of Nigeria.

“We’ve improved grid generating capacity with the addition of 700MW in Geregu. We are also proposing the inclusion of 3,000 utility-scale solar power source within the next 24 months to change the mix of our energy generation,” Adelabu said.

Advertisement

He said this will also be another feat “because what we have today is just hydropower and gas power”. 

Adebayo said the ministry plans to introduce renewable energy for transmission of electricity together with power plants.

According to the minister, there is a guaranteed and improved service level for customers in Band A. 

He said electricity distribution companies (DisCos) are now taking responsibility due to “improved regulatory oversight”. 

Advertisement

“For the first time in the history of Nigeria, we have what is called guaranteed improved service level. It might be for Band A today but no government has ever guaranteed 20 hours of supply, not even for one percent of consumers,” Adelabu said. 

“We have guaranteed service level for Band A customers with the introduction of cost-reflective tariffs to the band.” 

He said the tariff for Band A customers might “look expensive at the moment,” but it will eventually reduce.

Adelabu said it is a temporary hardship that will lead to a permanent gain.

Advertisement

Click on the link below to join TheCable Channel on WhatsApp for your Breaking News, Business Analysis, Politics, Fact Check, Sports and Entertainment News!

Tags

0 Comments

No Comments Yet!

There are no comments at the moment, do you want to add one?

Write a comment

Write a Comment

error: Content is protected from copying.