- Electricity Generation Averages 3,687mw in Q1’17
The power generation statistics for first quarter 2017, (Q1’17) shows that a total average of 3,687 megawatts, mw, of energy was generated by power stations as Afam VI Power Plant contributed about 12.64 percent of the total, the highest generation among the twenty-three (23) power plants within the period under review.
Daily energy generation attained a peak of 5,846 megawatts, MW, January 24, while daily energy sent out on same date was 5,747 MW. Similarly, the highest daily energy generated per hour attained a peak of 140,316 megawatts per hour, MWh on the January 24, 2017 and daily energy sent out per hour on same date was 137,920 MWh.
This represents the highest level of energy generated and sent out in the month of January 2017 and in Q1 2017. However, the lowest daily energy generation, 1,660 MW, in the month of January 2017 and in Q1 2017 was attained on January 18, 2017 and daily energy sent out on that date was 1,618 MW.
The lowest daily energy generation per hour was also attained on same date. 39,837 MWh was generated and 38,831 MWh was sent out. In February 2017, daily energy generation attained a peak of 4,279 MW on February 21, 2017 and daily energy sent out on same date was 4,217 MW. Similarly, the highest daily energy generated per hour in the month under review attained a peak of 102,705 MWh and daily energy sent out per hour on same date was 101,208 MWh.
Nevertheless, daily energy generation attained its lowest of 2,915 MW in the month of February on February 1, 2017 and daily energy sent out on same date was 2,869 MW. Similarly, the lowest daily energy generation per hour was also attained on same date. 69,962 MWh was generated and 68,847 MWh was sent out.
Lowest Daily Energy Generation
Daily energy generation in March 2017 attained a peak of 4,156.03MW on March 9, 2017 and daily energy sent out on same date was 4,096 MW. Similarly, the highest daily energy generated per hour attained a peak of 99,732 MWh on March 9, 2017 and daily energy sent out per hour on same date was 98,300 MWh.
The lowest daily energy generation attained in March 2017 was 3,496 MW and the lowest daily energy sent out of 3,441 MW was attained on March 16, 2017.
Likewise, the lowest daily energy generation per hour was also attained on same date. 83,790 MWh was generated and 82,580 MWh was sent out.
Meanwhile, The 11 electricity Distribution Companies, DISCOs, operating under aegis of Association of Nigerian Electricity Distributors, ANED, yesterday, criticized Federal Government’s failure to provide the N100 billion subsidy it promised after private investors took over about 18 power sector utilities on November 1, 2013.
The DISCOs also faulted the poor funding for the transmission section of the sector, which they said has resulted in the huge load rejection cases.
A statement issued through umbrella body, ANED, said government which holds 40 per cent equity in the utilities stated many interventions in the Performance Agreement of DISCOs with the Bureau of Public Enterprises, BPE.
ANED’s Director of Advocacy and Research, Barrister Sunday Oduntan, said “To date, the government has not met the privatization transaction foundational requirements of providing N100 billion in subsidies; payment of MDA electricity obligations; ensuring that the DISCos have debt free financial books; and implementing a cost reflective tariff,” it said.
On transmission constraints, ANED doubted if the N50 billion appropriated for Transmission Company of Nigeria, TCN in the 2016 budget was released by half adding that, “This funding level is even more pitiful when, especially, measured against TCN’s estimate of $7.5 billion for its five-year expansion plan that is expected to take us to 10,000 megawatt (mw), from our current 4,500mw.”
The DISCOs said they can only recover their costs when they have more energy delivered by the Transmission Company of Nigeria, TCN, in the area where they have customers. “Should the DISCOs have to suffer financial losses due to the limitations associated with TCN’s wheeling constraints? They queried in the statement.
ANED said TCN which is still a public utility “has remained underfunded over several decades. Such limited or underfunding has resulted in poor transmission infrastructure and planning, with the consequences of grid instability and limited wheeling capacity, adversely impacting the distribution and generation of electricity.”
They decried the continued dearth of TCN funding saying it impedes the DISCOs’ ability to distribute power and has led to crashes in power turbines of Generation Companies, GENCOs, due TCN consistent requests for de-loading.
SEC To Ban Unregistered CMOs From Operating By Month End
The Securities and Exchange Commission (SEC) says it will stop operations of Capital Market Operators (CMOs) that are yet to renew their registration on May 31, 2021.
This was contained in a circular signed by the management of SEC in Abuja on Monday.
On March 23, SEC had informed the general public and CMOs on the reintroduction of the periodic renewal of registration by operators.
The commission noted that the reintroduction of the registration renewal was due to the need to have a reliable data bank of all the CMOs registered and active in the country’s capital market.
“To provide updated information on operators in the Nigerian Capital Market for reference and other official purposes by local and foreign investors, other regulatory agencies and the general public, to increasingly reduce incidences of unethical practices by CMOs such as may affect investors’ confidence and impact negatively on the Nigerian Capital Market and to strengthen supervision and monitoring of CMOs by the Commission,” SEC explained.
According to the circular, the commission said CMOs yet to renew their registration at the expiration of late filing on May 31, would not be eligible to operate in the capital market.
It explained that CMOs were required to have completed the renewal process on or before April 30, however, the commission said late filing for renewal of registration would only be entertained from May 1 to May 31.
SEC also said that asides from barring the CMOs who failed to comply accordingly, their names would be published on its website and national dailies.
It added that names of eligible CMOs would be communicated to the relevant securities exchanges and trade associations.
A Threat to Revenue As Nigeria’s Largest Importer of Crude, India slash Imports By $39.5B
Nigeria’s revenue earning capacity has come under threat following the reduction of importation of crude oil by India.
India, Nigeria’s largest crude oil importer, reduced crude oil imports by $39.5bn in April, compared to the same time the previous year, data from India’s Petroleum Planning & Analysis Cell showed.
According to the Indian High Commission in Nigeria, India’s crude oil imports from Nigeria in 2020 amounted to $10.03bn.
This represented 17 percent of Nigeria’s total crude exports for the year according to the Nigerian National Petroleum Corporation, as quoted by OilPrice.com.
As Nigeria’s largest importer of crude oil, lockdowns in India’s major cities from the COVID-19 surge in April had ripple effects on Nigeria’s oil sales.
The NNPC was prompted to drop the official standard price of its main export streams, Bonny Light, Brass River, Erha, and Qua Iboe, by 61-62 cents per barrel below its April 2021 prices. They traded at $0.9, $0.8, $0.65, $0.97 per barrel respectively, below dated Brent, the international benchmark, as Oilprice.com showed.
India had been buying the not-too-light and not-too-heavy Nigerian crudes that suited its refiners.
Reuters reported that the Indian Oil Corporation’s owned refineries were operating at 95 percent capacity in April, down from 100 percent at the same time the previous month.
An official at the IOC was quoted as saying, “If cases continue to rise and curbs are intensified, we may see cuts in refinery runs and lower demand after a month.” Hundreds of seafarers risked being stuck at sea beyond the expiry of their contracts, a large independent crude ship owner reportedly told Bloomberg.
India reportedly bought more American and Canadian oil at the expense of Africa and the Middle East, reducing purchases from members of the Organisation of the Petroleum Exporting Countries to around 2.86 million barrels per day.
This squeezed the group’s share of imports to 72 percent from around 80 percent previously, as India’s refiners were diversifying purchases to boost margins, according to Reuters.
India also plans to increase local crude oil production and reduce import expenses as its population swells, according to Bloomberg.
A deregulation plan by the Narendra Modi-led government to boost national production to 40 million tonnes of crude oil by 2023/2024, an increase of almost eight million tonnes, had already been initiated.
According to Business Today, an Indian paper, the country currently imports 82 percent of its oil needs, which amounted to $87bn in 2019.
Invest Africa and DLA Piper Partner to Support ESG Best Practice in African Renewable Energy Projects
The global law firm, DLA Piper, has partnered with Invest Africa, the leading trade and investment platform for African markets, to support the development of ESG best practice in African renewable energy projects.
Clear Environmental, Social and Governance (ESG) targets and measurements have become an increasingly important part of fundraising as investors seek to align their portfolios with sustainable growth. For a continent boasting ample natural resources, this presents a significant opportunity for Africa’s green energy sector. However, renewable does not always equal sustainable and developing and articulating ESG metrics can pose a significant challenge to projects as they prepare investment rounds.
The project will assemble experts from the worlds of impact investment, development finance and law. Across a series of online meetings, participants will discuss strategies to improve ESG practices in African renewable projects from both a fundraising and operational perspective.
Amongst those speaking in the inaugural session on Thursday 13th May are Cathy Oxby, Chief Commercial Officer, Africa Greenco, Dr. Valeria Biurrun-Zaumm, Senior Investment Manager, DEG, Orli Arav, Managing Director – Facility For Energy Inclusion (FEI) – Lion’s Head Global Partners, Beatrice Nyabira, Partner, DLA Piper Africa, Kenya (IKM Advocates) and Natasha Luther-Jones, Partner, Global Co-Chair of Energy and Natural Resources, International Co-Head, Sustainability and ESG, DLA Piper.
Veronica Bolton-Smith, COO of Invest Africa said, “Africa is particularly vulnerable to the impact of climate change despite contributing very little to global emissions. As the price of renewables fall, they will form an ever more important part of Africa’s electrification. In this context, it is essential that projects be given the tools to apply best practice in ESG not only from an environmental perspective but also in terms of good governance, fair working conditions and contribution to social inclusion. I look forward to working closely with DLA Piper on this important topic.”
Natasha Luther-Jones, Global Co-Chair Energy and Natural Resources and International Co-Head Sustainability and ESG at DLA Piper also commented, “Climate change is one of the biggest challenges companies, and people, face today and when we look at its reduction – whether that be in how we power our devices, what we eat or how we dress, where we live or how we work – all roads come back to the need to increase the amount of accessible, and affordable, clean energy. However, renewable energy companies are not automatically sustainable as sustainability is a focus on all ESG factors, not just environmental. We know the need for renewable energy is only going to continue to rise, and therefore so will the number and size of renewable energy companies. The additional challenge is to make sure they are truly sustainable organisations and that’s what we’re excited about discussing during the webinar.”
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