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Power Plants Lose 1,552MW

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More than six months after the nation’s electricity generation dropped below 3,000 megawatts, output from the power plants is still 1,552MW lower than the peak achieved in February.

Power generation stood at 3,523.10MW as of 6am on Friday, September 2, 2016, up from 3,026.3MW on August 29, data from the System Operator showed.

The Transmission Company of Nigeria announced on February 2, 2016 that the nation had achieved its peak electricity generation of 5,074.70MW.

But the feat was short-lived as generation dropped below the 4,000MW mark later that month.

On March 1, the Nigerian Electricity Regulatory Commission said power supply through the national grid had dropped below 2,800MW due to vandalism.

Eight days after, power generation in the country fell to a record low of 1,580.6MW, a development that threw many parts of the country into blackout for days.

The downturn in power supply was exacerbated in May by the several attacks on oil and gas installations in the Niger Delta, which made generation plunge to a new low of 1,400MW on May 17, according to the TCN.

The nation’s power grid recorded 21 collapses in the first half of the year – 16 total and five partial collapses.

The latest system collapse (partial) was recorded on July 10, according to data from the National Control Centre.

More than half of the nation’s power plants are currently facing gas shortage, with unutilised electricity generation capacity due to gas constraints put at 3,988.3MW as of August 29.

The country generates the bulk of its electricity from gas-fired power plants, while output from hydro-power plants makes up about 30 per cent of the total generation.

In what was a big blow to electricity generation in the country, Shell’s Forcados export terminal was hit in February, forcing the oil major to declare force majeure on the exports of the crude oil grade.

The Nigerian National Petroleum Corporation, in its financial and operations’ report recently said, “The nation has lost over 1,500MW of power supply to the damage as gas supply from Forcados, which is Nigeria’s major artery, accounts for 40 to 50 per cent of gas production. Incessant pipeline vandalism poses the greatest threat to the industry.”

Industry experts have continued to highlight the need for a robust energy mix by exploring renewable energy resources including solar and wind.

An energy expert and Partner, Bloomfield Law Practice, Mr. Ayodele Oni, said, “I understand that a number of Nigerians are partnering companies providing cutting-edge energy solutions such as solar systems that are run on computerised platforms.

“I believe that if the government provides the enabling environment for the foregoing, less emphasis will be placed on gas pipelines and vandalism should reduce.”

A former Minister of Power and Chief Executive Officer, Geometric Power Limited, Prof. Barth Nnaji, said the country should diversify its sources of power generation to ensure sustainable fuel supply.

“We have not touched coal. We have a lot of coal in the country,” he said at a public lecture in Lagos last month.

Nnaji added, “The US produces about 40 per cent of its one million megawatts of electricity from coal, while China produces 60 per cent of its electricity from coal. We have coal here but we are not making use of it. Even the natural gas that we have, are we really producing the gas? It is certainly not enough. Hydro is another source.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Elon Musk Net Worth Jumps by $100 Billion this Year to Topple Bill Gates, Mark Zuckerberg, Others 

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Elon Musk, the Chief Executive Officer and founder of Tesla, is now the world’s second-richest person following another surge in the price of Tesla share.

Musk total net worth jumped by $7.6 billion to $110 billion between November 16 and 17 to dethrone Facebook founder, Mark Zuckerberg, from the third position.

Since then, Tesla stock has been on a bullish run and in the last 24 hours added $7.24 billion to Elon Musk’s total net worth, according to Bloomberg Billionaire Index. Bringing the billionaire’s total net worth to $128 billion.

Elon Musk’s net worth rose from just $28 billion in January 2020 to $128 billion on November 24, 2020, representing an increase of $100 billion, the highest by any billionaire.

Musk has finally toppled Bill Gates as the second richest person and for the first time, Bill Gates is the third richest man in the world. This is the first time in almost 40 years that Gates will be in the third position.

Billionaires listed on Bloomberg Index have collectively gained $1.3 trillion this year.

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An Average of 48% Global Consumers to Significantly Cut 2020 Holiday Spending

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Data presented by Buy Shares indicates that an average of 48% of global consumers plans to significantly reduce their 2020 compared to 2019. The research sampled consumer feedback from 13 countries.

Pandemic triggers reduced spending 

The data also highlights that an average of 13.46% of global consumers plans to spend more on 2020 holidays than last year. Consumers from Indonesia at 71% plan to shrink their budget in 2020 while 16% will spend more.

About 69% of Mexican consumers will spend less, while 12% plan for more spending. In Brazil, about 65% of consumers will cut their budget while 11% plan to spend more than last year. At 63%, South African consumers will cut back on holiday spending while 12% plan to increase their budgets from last year.

In Spain, 55% of consumers will reduce their spending while 7% plan an increase from a year ago. Italian consumers spending less will be at 54%, with 6% planning to increase their budget.

In India, about 47% of people will cut back on the holiday budget, while 36% plan to increase spending. French consumers at 44% have intentions of reducing holiday spending while 6% will raise the spending from a year ago. 43% of UK consumers will spend less, while 9% have plans to spend more.

In the United States, 42% of consumers will spend less, while 17% will increase the budget. For Germany, about 29% of consumers will spend less than 7% planing to pay more. It is only in China where more people plan to spend more at 29% than 25% planning to spend less at 25%.

Elsewhere, 21% of Japanese consumers plan to spend less, while 7% will pay more. The research highlighted some of the reasons behind the massive slash in this year’s holiday spending. According to the research report:

“The less spending comes as most consumers lost their jobs and faced pay cuts as employers struggled to remain afloat in the course of the health crisis. Some consumers have been saving more to pay debts, while those on stimulus paychecks cannot sustain daily needs and holiday spending.”

The research also notes that most Americans at 30% look forward to the Christmas holiday while 23% anticipate Amazon Prime Day. Only 7% of Americans look forward to Fathers Day.

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President Buhari to Inaugurate Waltersmith 5,000bpd Modular Refinery Today

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President Muhammadu Buhari will inaugurate the 5,000 barrels per day modular refinery built by Waltersmith Group in Imo State.

According to Waltersmith Group, the President will lead a team of other top government officials, oil regulators and stakeholders to Imo State today for the inauguration, the Group stated in a statement released on Monday.

It said the modular refinery has a storage capacity of 60,000 barrels and is expected to deliver over 271 million litres per annum of refined petroleum products, including kerosene, diesel, naphtha and heavy fuel oils, to the domestic market.

Mr. Abdulrazaq Isa, the Chairman, Waltersmith Group, said the first of 50,000 bpd modular refinery to be inaugurated today would process 5,000bpd of crude oil.

We are looking at 50,000bpd refining capacity that will come with the planned additional two modules; 25,000bpd and 20,000bpd refining capacity respectively which will then add PMS, aviation fuel and LPG to the product slates,” he added.

The statement added that Waltersmith obtained the ‘Licence to Establish’ the refinery from the Department of Petroleum Resources in June 2015 and got the ‘Authority to Construct’ in March 2017.

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