Wednesday, November 14, 2018

Tag "GENCOs"

    Nationwide blackout looms as GenCos threaten to shut down power plants

Nationwide blackout looms as GenCos threaten to shut down power plants

Joy Ogaji, executive secretary of the Association of Power Generation Companies (APGC), says the power firms might shut down plants over the inability of the Transmission Company of Nigeria (TCN) to transmit available volume of electricity generated into the national grid.In a statement on Thursday, Ogaji said the generation companies (GenCos) were increasingly facing lower capacity utilisation with the fact that they [...]

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    Fashola: FG’s N701bn fund raised power generation by 3,000MW

Fashola: FG’s N701bn fund raised power generation by 3,000MW

Babatunde Fashola, minister of power, works and housing, says the N701bn payment assurance guarantee fund for electricity generation companies (GenCos) has raised power generation capacity to 7,000 megawatts (MW).The minister disclosed this on Monday at the 29th monthly power sector meeting hosted by Mainstream Energy Solutions Limited (MESL) in Minna, Niger state.Fashola said the payment which started in 2017 had [...]

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    Fashola to GenCos: I’m not afraid of the courts… be ready to face scrutiny

Fashola to GenCos: I’m not afraid of the courts… be ready to face scrutiny

Babatunde Fashola, minister of power, works and housing, says he is not afraid of law courts following a suit filed against the government by some power generating companies (GenCos).  The GenCos had levelled accusations against the government regarding “special treatment” that allegedly favoured two power generating companies - Azura Power West Africa Limited and Accugas Limited.April 16 has been fixed [...]

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    On the verge of collapse, 13 GenCos drag FG to court

On the verge of collapse, 13 GenCos drag FG to court

Nigeria's power crisis is in for more shocking waves as 13 power generation companies (GenCos) have sued the federal government for giving "preferential treatment" to two competitors with intent to harm the business interests of the others.The GenCos, who said they are on the verge of collapse over debts in excess of N1 trillion, currently generate 80% of the power consumed in [...]

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    GenCos ask FG to increase electricity tariff

GenCos ask FG to increase electricity tariff

Power generation companies (GenCos) in the country are calling for an increase in electricity tariff due to “high business costs”.Ismaila Funtua, vice chairman, Mainstream Energy Solution, made this known on Tuesday while speaking with journalists on the sidelines of the quarterly presidential business meeting held in Abuja.He said the GenCos were asking the government to stop subsidising electricity and “let those who [...]

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    Power generation increases to 4,043MW, gas supply improves

Power generation increases to 4,043MW, gas supply improves

The Transmission Company of Nigeria (TCN) says the nation’s power generation rose from 3,528 megawatts (MW) to 4,043 megawatts between February 1 and February 15.TCN said that the 515MW increase in generation as of February 15 was due to slight increase in gas supply to some power generating companies (GENCOs).“The total output of 4,043 megawatts from all the GENCOs on [...]

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    PHCN ‘asks’ gencos to generate less electricity

PHCN ‘asks’ gencos to generate less electricity

Transcorp Ughelli Power Plc (Transcorp Power) has alleged that the Power Holding Corporation of Nigeria (PHCN) sometimes asks electricity generating companies (gencos) to generate less electricity for Nigerians.The genco, which is a subsidiary of Transnational Corporation of Nigeria Plc (Transcorp), said the PHCN, through its National Control Centre (NCC), often gives these directives due to the inability to transmit the [...]

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Exchange Rates

November 13, 2018USDGBPEUR
INTERBANK306397354
LAGOS359475418
KANO359476420
PH360476420
ABUJA359478419
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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