Tag "GENCO"

    EXCLUSIVE: Accugas moves against Nigeria, issues notice of default over Calabar GenCo

EXCLUSIVE: Accugas moves against Nigeria, issues notice of default over Calabar GenCo

President Muhammadu Buhari's bid to raise foreign loans for infrastructural projects is already in jeopardy as the gas supply agreement (GSA) between the Calabar Generation Company Limited and and Accugas Ltd has gone awry over about $66 million unpaid invoices, TheCable can report.Accugas has now issued a notice of non-payment in respect of gas supply to Calabar GenCo, owned by Niger [...]

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    ANALYSIS: Why Nigeria will remain in darkness a little longer

ANALYSIS: Why Nigeria will remain in darkness a little longer

The unbundling of the Power Holding Company of Nigeria (PHCN) on November 1, 2013, was like a breath of fresh air for the Nigerian power sector that had undergone decades of protracted crisis. The privatisation of the sector was greeted with so much enthusiasm and loads of expectations. Finally, the years of blackouts would soon be over, many had thought. The [...]

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    FG to halt bailout for power firms, asks GenCos to find more customers

FG to halt bailout for power firms, asks GenCos to find more customers

The federal government has asked power generation companies (GenCos) to find eligible customers for its product as the payment for shortfalls might end soon.Speaking at a workshop on eligible customer regulation in Abuja on Tuesday, Louis Edozien, permanent secretary of the ministry of power, works and housing, said it is no longer sustainable for GenCos to complain of stranded power [...]

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    ANALYSIS: Why electricity generation may plunge further in 2019

ANALYSIS: Why electricity generation may plunge further in 2019

With the latest data from the advisory power team in the office of Vice-President Yemi Osinbajo revealing that the power sector lost a total of N530 billion in 2018, the industry is set to experience tougher times in 2019.Operational constraints from the shortage of gas, poor transmission, weak distribution network, and water reserves factor have become permanent issues to reckon [...]

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    GenCos: Abysmal performance of DisCos responsible for challenges in power sector

GenCos: Abysmal performance of DisCos responsible for challenges in power sector

The Association of Power Generation Companies (APGC) says the abysmal performance of electricity distribution companies (DisCos) is responsible for the challenges in the power sector.In a statement on Tuesday, Joy Ogaji, executive secretary of APGC, said the generation companies are being short-changed as they don't receive full payment for the amount of power generated.Ogaji said this in response to a [...]

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    DisCos have ‘lived below expectation’

DisCos have ‘lived below expectation’

Electricity distribution companies (DisCos) in the country have performed below expectation five years after the privatisation of the power sector.Chiedu Ugbo, managing director of Niger Delta Power Holding Company (NDPHC), made this known while speaking at the Nextier Power Dialogue in Abuja.He said the 11 DisCos have still not met their various performance agreements since they took over the power [...]

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    Group hails Buhari’s ‘Next Level’ policy document

Group hails Buhari’s ‘Next Level’ policy document

Good Governance and Transparency Initiative (GGAT), a socio-political group, has given President Muhammadu Buhari a pat on the back for his development plan for Nigeria.The group said Buhari/APC’s ‘Next Level’ policy document unveiled on Sunday is an indication that Nigeria is surely heading for the desired level under the current government.Emerald Nzeribe, coordinator of the group, made this known during [...]

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    FG: Why we resisted temptation to cancel power sector privatisation

FG: Why we resisted temptation to cancel power sector privatisation

Lai Mohammed, minister of information, says the federal government resisted the temptation to cancel the power sector privatisation in order not to send wrong signals to prospective investors.The minister said this on Thursday in Abuja while answering questions on a programme aired on Radio Nigeria.The nation's power sector was privatised in November 2013 as private investors took over now-defunct Power [...]

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    Lai claims 7,000MW, Adesina says 4,500MW… what’s the truth about Nigeria’s power generation?

Lai claims 7,000MW, Adesina says 4,500MW… what’s the truth about Nigeria’s power generation?

Within 24 hours, two prominent figures have churned out conflicting figures on Nigeria's current power generation capacity. On Tuesday, Lai Mohammed, minister of information, said the country now generates 7,000 megawatts of electricity. A day after, Akinwumi Adesina, president of the African Development Bank (AfDB), pegged the figure at "around 4,500 megawatts".While speaking at a News Agency of Nigeria (NAN) [...]

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    FG to increase power generation to 9000MW by December

FG to increase power generation to 9000MW by December

The federal government says it will increase power generation to 9,000 megawatts by the end of 2018.Lai Mohammed, minister of information, made this known on Tuesday while speaking at a NAN Forum in Abuja.The minister said the government will add 2,000 megawatts to the current 7,000 capacity.Mohammed said the government will also embark on 90 power transmission projects nationwide to [...]

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    Ogaji: DisCos owing power generation firms N500bn

Ogaji: DisCos owing power generation firms N500bn

Joy Ogaji, executive secretary of Association of Power Generation Companies (APGC), says the Nigerian Bulk Electricity Trading (NBET) is yet to pay the N500bn debt owed by electricity distribution companies (DisCos).Speaking with reporters in Abuja on Sunday, Ogaji said power firms have been taking loans from banks to be able to generate electricity.She said the federal government has only paid 80 [...]

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    Power sector ‘lost N324.3bn’ in eight months

Power sector ‘lost N324.3bn’ in eight months

New data from the advisory power team in the office of Vice-President Yemi Osinbajo has shown that the power sector has lost N324.3bn this year, due to gas constraints and poor distribution network.According to the latest power generation report, 3,700MW could not be generated on August 20 due to unavailability of gas, poor transmission and distribution network, and high frequency.As a [...]

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December 05, 2019USDGBPEUR
INTERBANK306397354
LAGOS355444389
KANO354445370
PH355447412
ABUJA356454413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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