Connect with us

Markets

AEDC Commits $160m to Metering 500,000 Customers

Published

on

Electricity
  • AEDC Commits $160m to Metering 500,000 Customers

The Abuja Electricity Distribution Company (AEDC), yesterday flagged-off its mass-metering exercise aimed at installing 500,000 meters in its catchment area.

The exercise which is billed to be completed in about three years would cost $160million.

Speaking with reporters after the commissioning of its free metering project in Abuja Investment Estate, Apo, the Managing Director, Mr. Ernest Muprauya, said the metering will take place simultaneously in all the AEDC areas of coverage.

He said: “We estimated that we will install 500,000 customers. And these meters are of various sizes; we have Three-Phase meter, Single face and Maximum Demand. The whole meters in the project together with other supporting ancillary services, will cost us in the region of $160million.”

He said the meters have a lot of advantages, as they put the power on the hand of the consumers to use electricity the way they can afford to pay .

“Secondly, they will be able to budget. It also will bring convenienc as they don’t need to come and queue. They can just access the vendor nearby or use their smart phones to access our website and buy. It has several advantages. Most importantly, it will bring transparency.

“Once you buy units, you know how many units you have bought and you are sure that you have not been shortchanged. It will improve our business.”

The AEDC, according to him, has started the enumeration of its consumers and the exercise would cost about $5million.

The company’s board chairman, Shehu Malami said customers were complaining about over-billing and demanded for meters that prompted the deployment.

He said it appeared that the customers were already used to free electricity as they were also not comfortable with metering. He however appealed to them to pay for what they consume.

Meanwhile, the Minister of the Federal Capital Territory (FCT), Malam Musa Bello recalled that the relationship between the ministry and the company was not cordial from inception until it presented a roadmap that culminated in the commissioning of mass metering yesterday.

He noted that vandalism of power installations is a major problem in the city and appealed to residents to protect the installations.

The minister also appealed to the AEDC to provide more power to the territory, which he said “I feel embarrassed how dark the city is at night. Out of frustration, many are considering off-grid solutions which is environmentally unfriendly. Your customers may look for alternative solution which may not be good for your company.”

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.

Gold

Gold Gained Ahead of Joe Biden Inauguration 2021

Published

on

Gold

Gold Gained Ahead of Joe Biden Inauguration 2021

Gold price rose from one and a half month low on Tuesday ahead of President-elect Joe Biden’s inauguration on Wednesday.

The precious metal, largely regarded as a haven asset by investors, edged up by 0.2 percent to $1,844.52 per ounce on Tuesday, up from $1,802.61 on Monday.

According to Michael McCarthy, the Chief Market Strategies, CMC Markets, the surged in gold price is a result of the projected drop in dollar value or uncertainty.

He said, “The key factor appears to be the (U.S.) currency.”

As expected, a change in administration comes with the change in economic policies, especially taking into consideration the peculiarities of the present situation. In fact, even though Biden, Janet Yellen and the rest of the new cabinet are expected to go all out on additional stimulus with the support of Democrats controlled Houses, economic uncertainties with rising COVID-19 cases and slow vaccine distribution remained a huge concern.

Also, the effectiveness of the vaccines can not be ascertained until wider rollout.

Still, which policy would be halted or sustained by the incoming administration remained a concern that has forced many investors to once again flee other assets for Gold ahead of tomorrow’s inauguration.

Continue Reading

Crude Oil

Crude Oil Holds Steady Above $55 Per Barrel on Tuesday

Published

on

Oil

Crude Oil Holds Steady Above $55 Per Barrel on Tuesday

Brent Crude oil, against which Nigerian crude oil is priced, rose from $54.46 per barrel on Monday to $55.27 per barrel as of 9:03 am Nigerian time on Tuesday.

Last week, Brent crude oil rose to 11 months high of $57.38 per barrel before pulling back on rising COVID-19 cases and lockdowns in key global economies like the United Kingdom, Euro-Area, China, etc.

While OPEC has left 2021 oil demand unchanged and President-elect Joe Biden has announced a $1.9 trillion stimulus package, experts are saying the rising number of new cases of COVID-19 amid poor vaccine distribution could drag on growth and demand for oil in 2021.

On Friday, Dan Yergin, vice-chairman at IHS Markit, said in addition to the stimulus package “There are two other things that are going with it … one is of course, vaccinations — in the sense that eventually this crisis is going to end, and maybe by the spring, lockdowns will be over.”

“The other thing is what Saudi Arabia did. This is the third time Saudi Arabia has made a sudden change in policy in less than a year, and this one was to announce (the) 1 million barrel a day cut — partly because they are worried about the impact of the surge in virus that’s occurring,” he said.

Also, the stimulus being injected into the United States economy could spur huge Shale production and disrupt OPEC and allies’ efforts at balancing the global oil market in 2021.

Continue Reading

Crude Oil

Crude Oil Pulled Back Despite Joe Biden Stimulus

Published

on

Oil 1

Crude Oil Pulled Back Despite Joe Biden Stimulus

Crude oil pulled back on Friday despite the $1.9 trillion stimulus package announced by U.S President-elect, Joe Biden.

Brent crude oil, against which Nigeria’s oil is priced, pulled back from $57.38 per barrel on Wednesday to $55.52 per barrel on Friday in spite of the huge stimulus package announced on Thursday.

On Thursday, OPEC, in its latest outlook for the year, said uncertainties remain high in 2021 with the number of COVID-19 new cases on the rise.

OPEC said, “Uncertainties remain high going forward with the main downside risks being issues related to COVID-19 containment measures and the impact of the pandemic on consumer behavior.”

“These will also include how many countries are adapting lockdown measures, and for how long. At the same time, quicker vaccination plans and a recovery in consumer confidence provide some upside optimism.”

Governments across Europe have announced tighter and longer coronavirus lockdowns, with vaccinations not expected to have a significant impact for the next few months.

The complex remains in pause mode, a development that should not be surprising given the magnitude of the oil price gains that have been developing for some 2-1/2 months,” Jim Ritterbusch, president of Ritterbusch and Associates, said.

Still, OPEC left its crude oil projections unchanged for the year. The oil cartel expected global oil demand to increase by 5.9 million barrels per day year on year to an average of 95.9 million per day in 2020.

But also OPEC expects a recent rally and stimulus to boost U.S. Shale crude oil production in the year, a projection Investors King experts expect to hurt OPEC strategy in 2021.

Continue Reading

Trending