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TCN: Transmission Hits new Peak of 5,156MW of Electricity

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Electricity - Investors King
  • TCN: Transmission Hits new Peak of 5,156MW of Electricity

The Transmission Company of Nigeria (TCN) Thursday disclosed that it recorded new national peak electricity transmission capacity of 5,155.9 Megawatts (MW) on December 8.

The Interim Managing Director of TCN, Usman Gur-Mohammed, made the disclosure at an interaction with journalists in Abuja.

Gur-Mohammed said the new record exceeded previous national peak record of 5,074.70 recorded on February 2.

He said the nation’s average peak load capacity at the beginning of the year was about 4,000 MW.
He added that the Transmission Rehabilitation and Expansion Programme (TREP) which sought to decentralise significant aspects of project implementation to regions was designed to further increase the national peak transmission capacity.

He said TREP had attracted financing for several projects from donor agencies, adding that the completion of the projects would result in expansion of the grid transmission capacity to at least 20,000MW in four years time.

He also revealed that TCN engineers had been involved in installation of transformers at substations in the country.

The TCN interim boss explained that installations were accomplished at less than 10 per cent of the cost hitherto paid to contractors over the years.

According to him, the company successfully installed 10 transformers in Bauchi, Funtua, Ejigbo, Ajah, Gombe, Aba, Umuahia, Auchi, Damboa and Zaria, saying that installations by TCN engineers saved several millions of Naira.

He also revealed that TCN had resolved several challenging and slow implementing contracts within the year.

The contracts, according to him, include the Kukwaba substation, Katsina-Daura line, Yawuri-Kafanchan, Mbalano-Ohafia-Umuahia, Nnewi-Onitsha and Maiduguri substations.

He said the completion of some ongoing projects would add about 1,000MW transmission capacity to the grid before January 31, 2018.

Gur-Mohammed, the News Agency of Nigeria (NAN), also said within the year, TCN entered into collaboration with several partners to reposition the company for better service delivery.

According to him, some of the collaborations include the Agip and NNPC joint venture in respect of towers 94 and 98 on Okpai-Onitisha DC line.

He noted that TCN was also collaborating with government of Japan on development of capacitor banks in Apo and Keffi substations and rehabilitation of Apapa, Akangba, and Isolo substations.
He said discussions were ongoing with Japan Government to rehabilitate Ikeja West and Ota substations.

He added that the European Union (EU) had also pledged to provide 25 million Euros grant to support TCN on solar Independent Power Plant (IPP) evaluation.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Crude Oil

Oil Prices Continue to Slide: Drops Over 1% Amid Surging U.S. Stockpiles

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Crude Oil

Amidst growing concerns over surging U.S. stockpiles and indications of static output policies from major oil-producing nations, oil prices declined for a second consecutive day by 1% on Wednesday.

Brent crude oil, against which the Nigerian oil price is measured, shed 97 cents or 1.12% to $85.28 per barrel.

Similarly, U.S. West Texas Intermediate (WTI) crude slumped by 93 cents or a 1.14% fall to close at $80.69.

The recent downtrend in oil prices comes after they reached their highest level since October last week.

However, ongoing concerns regarding burgeoning U.S. crude inventories and uncertainties surrounding potential inaction by the OPEC+ group in their forthcoming technical meeting have exacerbated the downward momentum.

Market analysts attribute the decline to expectations of minimal adjustments to oil output policies by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known collectively as OPEC+, until a full ministerial meeting scheduled for June.

In addition to concerns about excess supply, the market’s attention is also focused on the impending release of official government data on U.S. crude inventories, scheduled for Wednesday at 10:30 a.m. EDT (1430 GMT).

Analysts are keenly observing OPEC members for any signals of deviation from their production quotas, suggesting further volatility may lie ahead in the oil market.

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Energy

Nigeria Targets $5bn Investments in Oil and Gas Sector, Says Government

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Crude Oil - Investors King

Nigeria is setting its sights on attracting $5 billion worth of investments in its oil and gas sector, according to statements made by government officials during an oil and gas sector retreat in Abuja.

During the retreat organized by the Federal Ministry of Petroleum Resources, Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, explained the importance of ramping up crude oil production and creating an environment conducive to attracting investments.

He highlighted the need to work closely with agencies like the Nigerian National Petroleum Company Limited (NNPCL) to achieve these goals.

Lokpobiri acknowledged the challenges posed by issues such as insecurity and pipeline vandalism but expressed confidence in the government’s ability to tackle them effectively.

He stressed the necessity of a globally competitive regulatory framework to encourage investment in the sector.

The minister’s remarks were echoed by Mele Kyari, the Group Chief Executive Officer of NNPCL, who spoke at the 2024 Strategic Women in Energy, Oil, and Gas Leadership Summit.

Kyari stressed the critical role of energy in driving economic growth and development and explained that Nigeria still faces challenges in providing stable electricity to its citizens.

Kyari outlined NNPCL’s vision for the future, which includes increasing crude oil production, expanding refining capacity, and growing the company’s retail network.

He highlighted the importance of leveraging Nigeria’s vast gas resources and optimizing dividend payouts to shareholders.

Overall, the government’s commitment to attracting $5 billion in investments reflects its determination to revitalize the oil and gas sector and drive economic growth in Nigeria.

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Commodities

Palm Oil Rebounds on Upbeat Malaysian Exports Amid Indonesian Supply Concerns

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Palm Oil - Investors King

Palm oil prices rebounded from a two-day decline on reports that Malaysian exports will be robust this month despite concerns over potential supply disruptions from Indonesia, the world’s largest palm oil exporter.

The market saw a significant surge as Malaysian export figures for the current month painted a promising picture.

Senior trader David Ng from IcebergX Sdn. in Kuala Lumpur attributed the morning’s gains to Malaysia’s strong export performance, with shipments climbing by a notable 14% during March 1-25 compared to the previous month.

Increased demand from key regions like Africa, India, and the Middle East contributed to this impressive growth, as reported by Intertek Testing Services.

However, amidst this positivity, investors are closely monitoring developments in Indonesia. The Indonesian government’s contemplation of revising its domestic market obligation policy, potentially linking it to production rather than exports, has stirred market concerns.

Edy Priyono, a deputy at the presidential staff office in Jakarta, indicated that this proposed shift aims to mitigate vulnerability to fluctuations in export demand.

Yet, it could potentially constrain supply availability from Indonesia in the future to stabilize domestic prices.

This uncertainty surrounding Indonesian policies has added a layer of complexity to palm oil market dynamics, prompting investors to react cautiously despite Malaysia’s promising export performance.

The prospect of Indonesian supply disruptions underscores the delicacy of global palm oil supply chains and their susceptibility to geopolitical and regulatory factors.

As the market navigates these developments, stakeholders remain attentive to both export data from Malaysia and policy shifts in Indonesia, recognizing their significant impact on palm oil prices and market stability.

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