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

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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.

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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NNPCL Pledges End to Nigeria’s Energy Scarcity Within a Decade

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Mele Kyari - Investors King

The Nigerian National Petroleum Company Limited (NNPCL) has announced a bold initiative aimed at ending Nigeria’s persistent energy scarcity within the next decade.

Mele Kyari, the Group Chief Executive Officer of NNPCL, revealed this ambitious plan during the opening ceremony of the seventh Nigerian International Energy Summit in Abuja.

Kyari’s announcement comes as a beacon of hope for millions of Nigerians grappling with chronic power shortages and energy deficiencies.

In his statement, Kyari expressed confidence that all issues related to energy scarcity in the country would be resolved within the next 10 years.

Assuring stakeholders of NNPCL’s unwavering commitment, Kyari emphasized the company’s dedication to collaborating with partners to bridge the energy deficit gap and foster prosperity for all Nigerians.

He highlighted NNPCL’s pivotal role as a key partner to oil-producing companies in Nigeria, facilitating the divestment of international oil companies from onshore and shallow water assets in the country.

Furthermore, Kyari underscored NNPCL’s statutory mandate as the enabler of national energy security, emphasizing the importance of sustainable production from divested assets to ensure energy security for Nigerians.

In addition to addressing domestic energy challenges, NNPCL is also exploring avenues for sustainable energy investment across Africa.

Kyari revealed the company’s intention to invest in the proposed African Energy Bank, aiming to secure funding for energy projects on the continent and guarantee regional energy security.

The event, attended by prominent stakeholders including government officials and representatives from international organizations, marks a significant step towards reshaping Nigeria’s energy landscape and fostering economic development through improved energy access.

As NNPCL charts its course towards energy abundance, Nigerians remain cautiously optimistic about the prospects of a brighter energy future.

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Nigeria Unveils OB3 Pipeline Completion Date and Cost

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Nigeria took a significant stride towards enhancing its energy infrastructure as officials unveiled the completion date and cost of the OB3 gas pipeline project during the ongoing 7th Nigeria International Energy Summit in Abuja.

The Minister of State for Petroleum Resources, Gas, Ekperikpe Ekpo, announced that the OB3 pipeline, a crucial component of Nigeria’s gas transmission system, is set to be completed by March 2024.

This milestone marks a substantial advancement in Nigeria’s journey toward becoming a gas-focused economy.

The OB3 pipeline, estimated to cost $700 million, stands as a testament to Nigeria’s commitment to bolstering its energy security and fostering economic growth through the development of critical infrastructure.

Stretching across 127 kilometers, the pipeline will connect the Obiafu-Obrikom gas plant in Rivers State to Oben in Edo State, facilitating the transportation of two billion standard cubic feet of gas per day.

The completion of the OB3 pipeline is integral to the success of the Ajaokuta-Kaduna-Kano (AKK) pipeline project, another vital initiative aimed at expanding Nigeria’s gas distribution network.

With progress steadily advancing on both fronts, Nigeria is poised to unlock its vast natural gas reserves, driving industrialization, and meeting the growing energy demands of its populace.

President Bola Tinubu’s administration’s decision to remove the petrol subsidy, despite its initial challenges, underscores a strategic shift towards a more transparent and sustainable energy sector.

The funds redirected from subsidy removal will be reinvested in developing critical energy infrastructure and implementing social intervention programs to mitigate the impact on vulnerable populations, ensuring equitable distribution of resources as Nigeria charts its course towards energy security and economic prosperity.

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Nigerian Power Consumers Hit by Massive Overbilling, N105bn Raked by Discos

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Nigerian power consumers are reeling from the impact of massive overbilling, with power distribution companies (Discos) collectively raking in N105 billion in nine months.

An analysis of the latest monthly data from January to September 2023 revealed that approximately 7.1 million unmetered electricity consumers across the nation fell victim to inflated bills.

The Nigerian Electricity Regulatory Commission (NERC), the federal agency overseeing the power sector, disclosed that the overbilling stemmed from the failure of Discos to adhere to the prescribed monthly energy caps for unmetered customers.

The overbilling issue has raised serious concerns about the financial burden on consumers and the credibility of the power distribution system.

A breakdown of the figures showed that various Discos were involved in overbilling activities, with significant discrepancies noted in the amounts charged against the estimated energy consumption.

For instance, Abuja Disco overbilled approximately 1.8 million customers by N17.9 billion, while Ikeja Disco charged 934,438 customers an excess of N20.9 billion during the review period.

The overbilling trend has prompted a swift response from NERC, which has vowed to take punitive measures against non-compliant Discos.

As part of its regulatory intervention, NERC announced plans to deduct N10.5 billion from the annual allowed revenues of the 11 Discos during the next tariff review.

Consumers, already grappling with the economic challenges, have expressed outrage over the overbilling saga.

Many have voiced concerns about the impact of excessive bills on their household budgets, calling for urgent measures to address the issue and restore transparency and fairness to electricity billing practices.

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