- Power Generation Wobbles, Collapses Twice in Nine Days
Power generation has continued to wobble, as the data obtained from the Federal Ministry of Power, Works and Housing on Monday in Abuja showed that the country’s electricity grid collapsed twice in the past nine days.
Figures from the FMPWH showed that electricity generation crashed from the 2,548.5 megawatts recorded on April 14, 2019, to as low as 18MW on April 15.
Another collapse of the grid was recorded the next day being April 16, as power generation crashed to 19.7MW.
This, however, moved up to 3,964.8MW on April 17 and continued to fluctuate, as the grid posted the highest power generation figure of 5,154.4MW on April 19 and by April 21, the figure dropped to a low of 3,897.1MW.
The latest power generation figure on the grid was recorded on April 21, according to data from the power ministry.
The Transmission Company of Nigeria often announced that it had been working tirelessly to avert grid collapses by fixing and building power stations across the country and other facilities to stabilise the system.
It also stated on Monday that it had completed and energised the first phase of the ongoing brand new transmission substation in Ekim, Akwa Ibom State.
“This phase comprises a 60MVA 132/33kV power transformer and three outgoing 33kV feeder bays. The transformer was energised early this month,” TCN’s General Manager, Public Affairs, Ndidi Mbah, said.
She stated that although the first phase had been completed and energised, the 2x60MVA capacity substation would be completed with the execution of the second phase, which also comprised one 60MVA power transformer and three feeder bays.
According to TCN, the Ekim transmission substation project was being executed in collaboration with the Akwa Ibom State Government.
“While TCN provides and installs the transformers, switchgear and gantries using its in-house engineers, the Akwa Ibom State Government is providing all the civil works associated with the execution of the project,” Mbah added.
She noted that having energised the first phase of the project, TCN now had additional 48MW of bulk power supply for the Port Harcourt Electricity Distribution Company to off take, through the three feeders to its customers.
The power transmission firm listed the customers as the Akwa Ibom State University, coconut oil refinery, meter manufacturing factory, syringe factory, Ikot Abasi and Onna Local Government Areas, as well as Mkpat Enin.
“It is expected that with more supply to PHEDC through the new substation, these customers would experience more hours of stable and sustained power supply,” Mbah said.
She said the Ekim transmission substation was one of the new transmission substation projects which the TCN had successfully executed within the last one year.
Oil Jumps to $67.70 as OPEC+ Extends Production Cuts
Oil Jumps to $67.70 as OPEC+ Extends Production Cuts
Brent crude oil, against which Nigerian oil is priced, rose to $67.70 per barrel on Thursday following the decision of OPEC and allies, known as OPEC+, to extend production cuts.
OPEC and allies are presently debating whether to restore as much as 1.5 million barrels per day of crude oil in April, according to people with the knowledge of the meeting.
Experts have said OPEC+ continuous production cuts could increase global inflationary pressure with the rising price of could oil. However, Saudi Energy Minister Prince Abdulaziz bin Salman said “I don’t think it will overheat.”
Last year “we suffered alone, we as OPEC+” and now “it’s about being vigilant and being careful,” he said.
Saudi minister added that the additional 1 million barrel-a-day voluntary production cut the kingdom introduced in February was now open-ended. Meaning, OPEC+ will be withholding 7 million barrels a day or 7 percent of global demand from the market– even as fuel consumption recovers in many nations.
Experts have started predicting $75 a barrel by April.
“We expect oil prices to rise toward $70 to $75 a barrel during April,” said Ann-Louise Hittle, vice president of macro oils at consultant Wood Mackenzie Ltd. “The risk is these higher prices will dampen the tentative global recovery. But the Saudi energy minister is adamant OPEC+ must watch for concrete signs of a demand rise before he moves on production.”
Gold Hits Eight-Month Low as Global Optimism Grows Amid Rising Demand for Bitcoin
Gold Struggles Ahead of Economic Recovery as Bitcoin, New Gold, Surges
Global haven asset, gold, declined to the lowest in more than eight months on Tuesday as signs of global economic recovery became glaring with rising bond yields.
The price of the precious metal declined to $1,718 per ounce during London trading on Thursday, down from $2,072 it traded in August as more investors continue to cut down on their holdings of the metal.
The previous metal usually performs poorly with rising yields on other assets like bonds, especially given the fact that gold does not provide streams of interest payments. Investors have been jumping on US bonds ahead of President Joe Biden’s $1.9 trillion coronavirus stimulus package, expected to stoke stronger US price growth.
“We see the rising bond yields as a sign of economic optimism, which has also prompted gold investors to sell some of their positions,” said Carsten Menke of Julius Baer.
Another analyst from Commerzbank, Carsten Fritsch, said that “gold’s reputation appears to have been tarnished considerably by the heavy losses of recent weeks, as evidenced by the ongoing outflows from gold ETFs”.
Experts at Investors King believed the growing demand for Bitcoin, now called the new gold, and other cryptocurrencies in recent months by institutional investors is hurting gold attractiveness.
In a recent report, analysts at Citigroup have started projecting mainstream acceptance for the unregulated dominant cryptocurrency, Bitcoin.
The price of Bitcoin has rallied by 60 percent to $52,000 this year alone. While Ethereum has risen by over 660 percent in 2021.
Oil Prices Extend Gains to $64.32 Ahead of OPEC+ Meeting
Oil Prices Rise to $64.32 Amid Expected Output Extension
Oil prices extended gains during the early hours of Thursday trading session amid the possibility that OPEC+ producers might not increase output at a key meeting scheduled for later in the day and the drop in U.S refining.
Brent crude oil, against which Nigeria oil is priced, gained 0.4 percent or 27 cents to $64.32 per barrel as at 7:32 am Nigerian time on Thursday. While the U.S West Texas Intermediate gained 19 cents or 0.3 percent to $61.47 a barrel.
“Prices hinge on Russia’s and Saudi Arabia’s preference to add more crude oil production,” said Stephen Innes, global market strategist at Axi. “Perhaps more interesting is the lack of U.S. shale response to the higher crude oil prices, which is favourable for higher prices.”
The Organization of the Petroleum Exporting Countries (OPEC) and allies, together known as OPEC+, are looking to extend production cuts into April against expected output increase due to the fragile state of the global oil market.
Oil traders and businesses had been expecting the oil cartel to ease production by around 500,000 barrels per day since January 2021 but because of the coronavirus risk and rising global uncertainties, OPEC+ was forced to role-over production cuts until March. Experts now expect that this could be extended to April given the global situation.
“OPEC+ is currently meeting to discuss its current supply agreement. This raised the spectre of a rollover in supply cuts, which also buoyed the market,” ANZ said in a report.
Meanwhile, U.S crude oil inventories rose by more than a record 21 million barrels last week as refining plunged to a record-low amid Texas weather that knocked out power from homes.
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