Connect with us

Energy

Ikeja Electric Notifies Lagos Customers On 8-Week Power Outage

Published

on

debts Ikeja electric

Ikeja Electric, one of Nigeria’s privately run power distribution companies said it will carry out an upgrade on one of its feeders, which will lead to electricity outages in some parts of Lagos and environ from October 11, 2021.

This mean, customers under the coverage within the areas being supply by the 132KVA conductors from Ogba to Ikeja may have to endure power outage for the next eight weeks.

The power outage, according to the DisCo will run from 8 am to 6 pm daily, begins on October 11.

The Chief Technical Officer, Ikeja Electric (IE), Jide Kumapayi, who made this known in Lagos, said the company will use the period of a power outage to carry out the upgrade to the 132KVA conductors from Ogba to Ikeja.

He listed areas to be affected to include Oregun axis; Police Training College axis; Anifowoshe; Ojodu; Oba Akran; Magodo; Omole Phase 1 and Oke-Ira, among others.

Many residents of those areas are already coping with a lack of adequate electricity supply as the company consistently embarks on load shedding due to what it terms weak infrastructure.

In many parts of the same area, IE has effected tariff hike under the pretense that it has achieved 18 to 20 hours of power supply, but in most cases, the power supply is on the average of 8-10 hours in such areas.

He noted that the outage became necessary because some of the 132Kv lines installed over 50 years ago had become obsolete and degraded due to time and usage.

“The TCN is currently embarking on the upgrade of the 132KV lines from Ikeja West to Ota and Alimosho in stages. This is the second stage.

“We will replace all the aluminum conductors with gap conductors which are more sophisticated to withstand heat and has more capacity to carry current.

“The implication of this is that from 8 am to 6 pm every day, the substations controlling these areas will be switched off which will affect the feeders connected to them,” Kumapayi said.

Also, Maximum Demand (MD) customers such as Ikeja City Mall, Police College, Lagos State University Teaching Hospital and the Ikeja High Court will be affected by the project

Continue Reading
Comments

Energy

U.S. and Ghana Inaugurate New $64.7 Million Energy Infrastructure Investment at Pokuase

Published

on

electricity

U.S. Ambassador to Ghana Stephanie Sullivan joined the President of Ghana H.E. Nana Akufo-Addo and other Ghana government officials to formally inaugurate the Pokuase Bulk Supply Point (BSP) in Accra today.  The U.S. Millennium Challenge Corporation (MCC) funded the $64.7 million (GH₵ 391.9 million) electrical infrastructure project under the Ghana Power Compact.

“The Pokuase Bulk Supply Point represents sustainable infrastructure investment by the United States with Ghana that will benefit hundreds of thousands of Ghanaians now and into the future,” remarked Ambassador Sullivan at the inaugural event. “It will help deliver more reliable power to the people, places, and businesses of Accra that drive increased economic activity benefitting families, businesses, and communities.”

This represents a flagship investment under the Millennium Challenge Corporation’s Ghana Power Compact.  The Pokuase BSP will reduce outages in the power system, help stabilize voltages, and improve the quality and reliability of power supplied to the northern parts of the capital city of Accra.  It will also reduce technical losses in the power transmission and distribution system, contributing to the financial viability of the Electricity Company of Ghana (ECG) and the Ghana Grid Company (GRIDCo) in the long term.  The Pokuase BSP is now the largest-capacity BSP in Ghana at 580 megavolt amperes (MVA) and will directly benefit 350,000 utility customers.

The Government of Ghana implemented the project through the Millennium Development Authority (MiDA).  MiDA formally handed over the new power substation to ECG and GRIDCo in today’s ceremony.

The Pokuase BSP is the first major construction project to be completed under the Ghana Power Compact. The $316 million compact is helping the Government of Ghana improve the power sector through investments that will provide more reliable and affordable electricity to Ghana’s businesses and households. The compact is also funding a BSP at Kasoa and two primary substations at Kanda and Legon, in addition to other power sector investments, energy efficiency programs, and women’s empowerment programs within the power sector. The compact program will officially close on June 6, 2022.

Continue Reading

Energy

Lack of Investment in Clean Energy Compromising Fight Against Climate Change and Poverty

Published

on

Renewable Energy - Investors King

New research highlights a chronic lack of finance that will leave billions of people in Sub-Saharan Africa and Asia without electricity or clean cooking by 2030; Urgent action to accelerate investment in clean energy for developing countries is needed from global leaders assembling at COP26 to ensure a just energy transition.

This year’s Energizing Finance research series – developed by Sustainable Energy for All (SEforALL) in partnership with Climate Policy Initiative (CPI) and Dalberg Advisors – shows the world is falling perilously short of the investment required to achieve energy access for all by 2030 for the seventh consecutive year.

In fact, tracked finance for electricity in the 20 countries that make up 80 percent of the world’s population without electricity – the high-impact countries – declined by 27 percent in 2019, the year before the onset of the Covid-19 pandemic. The economic strain caused by Covid-19 is expected to have caused even further reductions in energy access investment in 2020 and 2021.

Energizing Finance: Understanding the Landscape 2021, one of two reports released under the series, finds committed finance for residential electricity access fell to USD 12.9 billion in 2019 (from USD 16.1 billion in 2018) in the 20 countries. This is less than one-third of the USD 41 billion estimated annual investment needed globally to attain universal electricity access from 2019 to 2030.

Meanwhile, there is an abysmal amount of finance for clean cooking. Despite polluting cooking fuels causing millions of premature deaths each year and being the second largest contributor to climate change after carbon dioxide, only USD 133.5 million in finance for clean cooking solutions was tracked in 2019. This is nowhere near the estimated USD 4.5 billion in annual investment required to achieve universal access to clean cooking (accounting only for clean cookstove costs).

These findings have been released just ahead of COP26 in Glasgow, where global leaders will focus on how to spark meaningful progress on fighting climate change. As part of this, they will need to consider how to reduce global emissions from the energy sector while also increasing energy access in developing countries to support their economic development.

“We are at a critical moment in the energy-climate conversation,” said Damilola Ogunbiyi, CEO and Special Representative of the UN Secretary-General for Sustainable Energy for All and Co-Chair of UN-Energy. “What is clear is that the path to net zero can only happen with a just and equitable energy transition that provides access to clean and affordable energy to the 759 million people who have no electricity access and 2.6 billion people who lack access to clean cooking solutions. This requires resources to mitigate climate change and create new opportunities to drive economic development and enable people everywhere to thrive. Energizing Finance provides an evidence base of current energy finance commitments and the finance countries require to meet SDG7 energy targets.”

In 2018, 50 percent of total electricity finance flowed to grid-connected fossil fuels in the high-impact countries compared to 25 percent in 2019. While this is a positive trend for the climate, tracked investment in off-grid and mini-grid technology also declined and represented only 0.9 percent of finance tracked to electricity.

Dr. Barbara Buchner, Global Managing Director at CPI, who partnered with SEforALL on Energizing Finance: Understanding the Landscape 2021, said: “Achieving both the Paris Agreement and universal energy access requires far greater investment in grid-connected renewables and off-grid and mini-grid solutions than what has been tracked in Energizing Finance. These solutions are essential to helping high-impact countries develop their economies without a reliance on fossil fuels.”

To better illuminate the challenges high-impact countries face, the second publication in the series, Energizing Finance: Taking the Pulse 2021, offers a detailed look at the estimated volume and type of finance needed by enterprises and customers to achieve universal energy access for both electricity and clean cooking by 2030 in Mozambique, Ghana and Vietnam. Importantly, it illustrates the energy affordability challenges people face in these countries and the need for financial support for consumers, such as subsidies.

The report finds that providing access to clean fuels and technologies, i.e. modern energy cooking solutions, in Ghana, Mozambique and Vietnam will cost a total of USD 37-48 billion by 2030; 70 percent of which will be for fuels (e.g., LPG, ethanol and electricity). A more achievable scenario would be for all three countries to deliver universal access to improved cookstoves at a total cost of USD 1.05 billion by 2030.

“Ghana, Mozambique and Vietnam each have unique challenges to achieving universal access to electricity and clean cooking,” said Aly-Khan Jamal, Partner at Dalberg Advisors, who partnered with SEforALL on Energizing Finance: Taking the Pulse 2021. “This research digs deep into these national contexts to identify solutions that can make Sustainable Development Goal 7 a reality.”

Providing results-based financing for energy project developers and exploring policies that facilitate demand-side subsidy support and reduce taxes on solar home systems are among several policy recommendations presented for Ghana, Mozambique and Vietnam.

Energizing Finance also advocates for increased innovation in financial instruments to reach the scale of finance needed for universal clean cooking access; for integration of electricity access, cooking access and climate change strategies; and for national governments, bilateral donors, philanthropies, and DFIs to all increase their efforts to mobilize commercial capital to Sub-Saharan African countries.

Continue Reading

Energy

Global Energy Crisis is a Wake-up Call for Investors: deVere CEO

Published

on

Workers

The deepening global energy crisis underscores for investors the undeniable value, necessity and rewards of sustainable investing, says the CEO of one of the world’s largest independent financial advisory, asset management and fintech organisations.

The observation from Nigel Green, chief executive and founder of deVere Group, which has $12bn under advisement, comes as consumers around the world face surging energy prices as demand rises as economies recover following the pandemic.

Mr Green notes: “The global energy crunch triggered by the world economy rebounding from the pandemic faster than was anticipated is impacting households and businesses across the world.

“From ongoing and increasing blackouts in China and India, to mass panic-buying in the UK and Europe, and urgent calls from the U.S. for OPEC nations to up oil production as fears continue to grow, the crisis is going to get a lot worse as the northern hemisphere moves into winter when energy demand is even greater.”

He continues: “The astronomical price surges are now in danger of pushing back the critical transition towards cleaner energy sources.

“However, savvy investors will be taking a wider, longer-term look at the situation.

“They will see that the current energy crisis is a combination of factors – including ongoing geopolitical tensions to which there are no quick fixes, and infrastructure and supply issues – and that these problems are not going away.

“It will bring into sharp focus that rather than staying with fossil fuels, the longer-term answer to this and future energy crunches is ESG (environmental, social and governance) investing.

“They will be moving quickly to have an early advantage, foreseeing the undeniable value, necessity and rewards of sustainable investing.”

The ESG umbrella term covers three main factors. E is for the environment and includes issues such as climate change policies, carbon footprint and use of renewable energies. S is for social and includes workers’ rights and protections. Finally, G is for governance and includes diversity of the board and corporate transparency.

In June 2020, around 26% of deVere clients around the world were eyeing exposure, or already had exposure, to ESG investments. This has now increased to 44% over the past 12 months.

This trend is set to gain further momentum, says Nigel Green, with three key factors pushing the movement.

“First, governments and regulators are becoming increasingly supportive of ESG criteria which boosts investor confidence. For instance, despite recent alarm over energy prices, the United States is putting climate concerns temporarily on the back burner, yet the Biden Administration is overall taking a tougher approach on the use of fossil fuels and is promising swift action to tackle climate change.

“Additionally, the new chairman of the Securities and Exchange Commission, the U.S.’s financial regulator, Gary Gensler, is a proponent and is likely to strengthen investment and disclosure rules to help the U.S. catch up with Europe.

“Second, as millennials who are more likely to seek responsible investment options, become the major beneficiaries of the largest intergenerational transfer of wealth—an estimated $30 trillion in the next few years—we can expect both retail and institutional investors to continue to pile into ESG.

“And third, the pandemic has focused minds on the fact that the health of our planet directly affects human health which, in turn, affects the way we all live and work.

“What is perhaps more impressive is that those investments with robust ESG credentials are continuing to outperform the market and experience lower levels of volatility.”

deVere has recently highlighted its own commitment to back ESG values by being one of 18 founding signatories of the UN-backed Net Zero initiative, the international alliance of powerhouse global finance companies that will help accelerate the transition to a net zero financial system.

The membership means the organisation is committed to aligning all relevant products and services to achieve net zero greenhouse gases by 2050 and to set meaningful interim targets for 2025. These commitments are in addition to the members setting Science Based Targets to reduce operational emissions in line with limiting global temperature rises to 1.5 degrees Centigrade.

The deVere CEO concludes: “It’s becoming increasingly clear that the best way and most sustainable way to solve this and future energy crises is to accelerate the transition towards cleaner power.

“Investors, keen to get ahead of the curve as well as earn profits with purpose, will be more keenly seeking out the opportunities as the world scrabbles to mitigate the environmental, economic and social fallout of the current situation – a situation which is likely to be a constant risk.”

Continue Reading




Advertisement
Advertisement
Advertisement

Trending