Economy

FG Receives Power Transmission Expansion Document from World Bank

  • FG Receives Power Transmission Expansion Document from World Bank

A new power transmission expansion strategy document developed with about $2m from the World Bank was delivered to the Federal Government in Abuja on Tuesday.

The 20-year Transmission Expansion Master Plan, which was funded by the World Bank and put together by a Germany-based power consultancy firm, Fitchner GmbH, was received by the Minister of Power, Works and Housing, Babatunde Fashola.

Fashola said the Transmission Company of Nigeria would use the document to continue its expansion work on the country’s electricity transmission network.

He noted that at the moment, the transmission capacity of the TCN had grown to 7,125 megawatts and that cases of stranded power would be dealt with by the new plan.

Fashola stated, “The government has given the TCN a mandate to improve its capacity to deliver its responsibilities to the Gencos and Discos. That mandate did not stand alone, it has been followed by policy approvals, and it has been supported by a budgetary commitment.

“That budgetary support has been helpful. As of yesterday (Monday), with that budget, we have been able to recover 502 containers belonging to the TCN, containing equipment for transmission expansion projects that were left at our ports.

“Those containers have travelled to their various intended destinations – the TCN’s sites and substations, where work has resumed. Most of the TCN sites are now busy and some have been completed. So, that story of yesterday that the TCN can only wheel 5,000MW is not true because as of December when we did the TCN’s simulated capacity, it was 7,125MW and it is growing because work hasn’t stopped.”

On the new strategy document, Fashola said, “This is the result of very rigorous thinking, planning and projection, and I want to thank the interim managing director of the TCN and his team.”

Samed Olukoya

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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