- Egbin to Double Capacity to 2,200MW by 2020
Egbin Power Plc has unveiled plans to double capacity from the current 1,100 Mega Watts (mw) to 2000MW by 2020. The company made this disclosure in its maiden sustainability report released recently in Lagos.
Entitled, ‘Building a sustainable future’, the report is the first of its kind in Nigeria’s power sector. It highlights Egbin’s current status since its privatisation in 2013; its values and governance model; alignment of the company’s strategy with its commitment to a sustainable global economy; socio-economic and environmental impact of its activities and the road map for future plans.
Speaking on the report, Chairman of Egbin, Kola Adesina, said: “We are delighted to unveil Egbin’s maiden sustainability report as it reinforces our resolve to ensure sustainable growth for the company, having achieved major milestones since the new management took over on November 1, 2013.
“Egbin remains committed to working with all stakeholders as we seek to establish Egbin as a foremost industrial hub for economic growth and development.”
Sahara Group, working through a special purpose vehicle in collaboration with Korea Electric Corporation (KEPCO), acquired majority shareholding to complete Egbin’s privatiSation in 2013.
Following its privatiSation, generation capacity in Egbin grew from an average of 400MW to hit 1100MW in 2015 for the first time since its inception, with the company already planning to double the plant’s capacity by 2020.
Adesina noted that whilst the report covers the period from January 1 to December 31, 2015, references are made to activities from the point of takeover of the plant in 2013.
“It’s a celebration of our success and recognition of areas where we could have performed better,” he said.“In addition to reiterating our continuing quest for sustained outstanding performance, it also demonstrates our commitment to transparency and best practice for the benefit of all our stakeholders.”
Egbin’s sustainability report was developed using the Global Reporting Initiative (GRI) framework and provides a metric for measuring the company’s financial and non-financial performance. The report employs the GRI G4 ‘In Accordance’ Option of the Sustainability Reporting Guidelines and the supplement dedicated to the Electric Utilities sector issued in 2013.
The report includes disclosures on key indicators in areas material to Egbin’s stakeholders, including the level and capacity of energy generation, economic performance, workforce diversity, safety report, conservation and biodiversity management as well as strategies targeted at improving performance in these areas.
Adesina said the management of Egbin was hopeful that sustainability reporting in the power sector would help ensure that the interests of all stakeholders are taken into account across all points of the sector’s value chain.
“We intend to make this an annual publication and hope it will inspire other operators in the sector to follow suit,” he said.
“We believe Egbin has once again raised the performance bar in the sector as we work towards using the principles of sustainability to achieve our goal of optimising our generation capacity through quality human capital, continuing investments, consideration for socio-economic and environmental issues and strategic alliances that will open new frontiers for Egbin across Africa.”
The intended audiences for the report include Egbin’s shareholders, customers, employees, suppliers and other third party business partners, government and regulatory organizations, local and foreign institutional investors, international agencies and the general public. These stakeholders are directly and indirectly impacted by the activities of the organization.