Tuesday, August 13, 2019

Tag "TCN"

    Senate wants FG’s 40% share in DisCos sold to foreign investors

Senate wants FG’s 40% share in DisCos sold to foreign investors

The senate has advised the federal government to divest its 40% stake in electricity distribution companies (DisCos) to foreign investors.Senate President Ahmed Lawan gave this advice in Abuja when he received the management team of the Transmission Company of Nigeria (TCN) led by Usman Mohammed, its managing director.In a statement by the TCN, Lawan said experts in the field should be [...]

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    Blackout in Port Harcourt as TCN disconnects DisCo

Blackout in Port Harcourt as TCN disconnects DisCo

The Transmission Company of Nigeria (TCN) has disconnected two 33kV feeders belonging to Port Harcourt Electricity Distribution Company (PHEDC) from the national grid.In a statement on Friday, John Oyi, PHED’s corporate communications manager, said this has thrown some sections of Port Harcourt, Rivers state into darkness.He said the areas affected by the blackout are: state secretariat, government house, UTC area, [...]

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    Blackout looms as FG moves to cut off three DisCos from national grid

Blackout looms as FG moves to cut off three DisCos from national grid

The federal government has ordered the disconnection of three electricity distribution companies from the national grid over "non-compliance with the conditions of market rules".DisCos are allegedly owing the Transmission Company of Nigeria (TCN) N231 billion energy service debt.In notices issued by the market operator, an arm of the TCN, a directive was given for the suspension of - Eko, Enugu [...]

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    DisCos demand cost recovery framework to invest in electricity

DisCos demand cost recovery framework to invest in electricity

The electricity distribution companies (DisCos) have demanded a cost recovery framework before making investments in power distribution.Speaking at a seminar for the preparation of performance improvement plans (PIP) by DisCos, Azu Obiaya, chief executive officer of the Association of Nigerian Electricity Distributors (ANED), said the framework is necessary to align the sector towards commercial viability and sustainability.The Nigerian Electricity [...]

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    Consumers to pay more as FG, investors target $4.3bn for power sector

Consumers to pay more as FG, investors target $4.3bn for power sector

The federal government and core investors in electricity distribution companies (DisCos) are to raise $4.3 billion to recapitalise the firms and improve their services.Usman Mohammed, managing director of Transmission Company of Nigeria (TCN), disclosed this to reporters, saying the fund is meant to upgrade distribution network of DisCos.According to him, the federal government will provide $1.7 billion out of the [...]

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    TCN: Why national electricity grid collapsed

TCN: Why national electricity grid collapsed

Mohammed Usman, managing director of the Transmission Company of Nigeria (TCN), says the national electricity grid collapsed on Wednesday due to a multiple tripping on its substation in Onitsha, Anambra state.Speaking at a press conference in Abuja on Friday, Usman said the collapse may also be as a result of one of the generators that went off.TheCable had reported how [...]

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    Blackouts as national power grid collapses twice within 24 hours

Blackouts as national power grid collapses twice within 24 hours

The national power grid has collapsed twice within the last 24 hours causing blackouts in most states across the country.A daily report from the Transmission Company of Nigeria (TCN) confirmed a system collapse on Wednesday which reduced load allocations to the distribution companies.The collapse came after the grid recorded 4,212 megawatts on Wednesday morning.Bode Fadipe, spokesperson of the Abuja Electricity [...]

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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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    FG to add 4200MW to national grid in 18 months

FG to add 4200MW to national grid in 18 months

The federal government is set to add 4200 megawatts of electricity to the national grid in 12 to 18 months.Bisi Daniels, strategy and communications adviser to Okechukwu Enelamah, minister of industry, trade and investment, said it will be coordinated by the Nigeria Industrial Policy and Competitiveness Advisory Council (NIPCAC).Daniels said the government has commenced moves to deploy underutilised power assets [...]

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    Fashola: The problems of electricity can’t be solved by magic

Fashola: The problems of electricity can’t be solved by magic

Babatunde Fashola, minister of power, works and housing, says the problems of electricity are slowly being solved as no one can do it by magic.Fashola said this on Thursday while inaugurating the 2x100MVA, 132/33kV power transformers at the Ejigbo Transmission Substation in Lagos.The minister said out of the 800 containers of power equipment abandoned at the port for about 10 [...]

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    DisCos: TCN lacks capacity to transmit 7000MW

DisCos: TCN lacks capacity to transmit 7000MW

 Sunday Oduntan, executive director, research and advocacy, Association of Nigerian Electricity Distributors (ANED), says the Transmission Company of Nigeria (TCN) only has the capacity to transmit 4000MW of electricity out of 7000MW.Babatunde Fashola, minister of power, works and housing, had said power generation capacity has increased to 7,000 megawatts (MW). In a statement on Sunday, Oduntan said TCN's capacity to transmit [...]

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    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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    TCN MD defends repeal of ‘non-performing’ electricity transmission contracts

TCN MD defends repeal of ‘non-performing’ electricity transmission contracts

Usman Mohammed, managing director of the Transmission Company of Nigeria (TCN), says some Nigerians have made the organisation their farm where they get paid for non-performing contracts.While speaking with reporters on Wednesday, Mohammed said the protest by electricity workers on Tuesday calling for his dismissal was staged because he cancelled some electricity transmission contracts.Mohammed said four of such contracts were cancelled in [...]

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    Senate committee uncovers ‘duplication’ in power ministry’s budget

Senate committee uncovers ‘duplication’ in power ministry’s budget

The senate committee on power says it discovered duplication amounting to N16 billion in the budget of the ministry of power, works and housing.The lawmakers wondered why two items listed in the budget of Transmission Company of Nigeria (TCN) also appeared in that of the power ministry.The items in question are the N4 billion earmarked for Kashimbilla transmission and N12 [...]

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    Kachikwu not ‘interested in governing Delta’

Kachikwu not ‘interested in governing Delta’

Ibe Kachikwu, minister of state for petroleum resources, is not interested in contesting the governorship election of Delta state.A socio-political group known as The Conscience of the Niger (TCN) said this in reaction to the campaign posters of the minister pasted in some parts of Abuja.In a statement issued by Mitai Okeroghene, leader of TCN, the group warned those insinuating that Kachikwu [...]

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Exchange Rates

August 08, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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