Connect with us

Energy

40% of Customers Will Face Fuel Poverty By October 2022 – E.On UK CEO Warns

Published

on

petrol

One of the United Kingdom’s largest energy suppliers, E.On UK has warned that about 40 per cent of its customers will be in fuel poverty by October 2022, calling on the UK government to help save the situation.

Accordung to the Chief Executive of E.On UK, Michael Lewis, the rise in energy prices is “unprecedented” and a growing number of its customers are in arrears.

Lewis noted that around a fifth of its customers were already in fuel poverty. He however revealed that this figure is expected to rise significantly later in the year.

“In my 30 years in the energy industry I’ve never ever seen prices increasing at this rate,” Lewis noted.

He added that around one in eight of its customers were already struggling to pay their bills, even before the weather turns colder and the new energy price cap comes into force in October, which is expected to rise significantly.

“We do need more intervention in October and it has to be very substantial,” he told the BBC’s Sunday Programme.

Investors King gathered that Energy regulator, Ofgem lifted the price cap on gas and electricity bills in April, adding around £700 to the average household energy bill to take it to £1,971.

For the 4.5 million people on pre-payment meters – which are typically used by people on lower incomes – the price of energy has now risen further, by an average £708, to £2,017 a year.

Due to the rising cost of wholesale gas, however, the price cap is expected to increase and take the typical energy bill to as much as £2,800, if not higher.

Following the rise of gas and electricity prices in April, the UK’s inflation rate reached a 40-year high of nine per cent.

A household is considered to be in fuel poverty if it has to spend 10 per cent or more of its disposable income on energy.

Recently, Shell reported a record £7bn profit in the first three months of this year while BP made £5bn, the highest for 10 years.

 

Continue Reading
Comments

Energy

AfDB Boosts Africa’s Renewable Energy With $20m

AfDB approved an equity investment of $20m in Evolution Fund III

Published

on

Board of Directors of African Development Bank Group (AfDB), on Thursday 17th of November, 2022, approved an equity investment of $20m in Evolution Fund III, a pan-African clean and sustainable energy private equity fund set aside in mobilising about $400m into renewable energy and resource-efficiency assets across sub-Saharan Africa over a 10-year period.

Inspired Evolution Investment Management, the fund manager has more than 15 years experience, with a track record of deploying more than $310m in renewable energy projects in African countries.

The fund manager, through its predecessor funds, has delivered 21 renewable energy projects with a total generation capacity of 2 GW.

The project, tagged “EVIII” aims to broaden geographic and technology scope to incorporate North Africa, and several SSA countries, as well as decentralise energy business models as the key climate mitigation and energy transition.

AfDB’s support is expected to contribute to an additional 2,162MW of installed renewable power generation capacity, 1.8m tons of CO2 emission savings, and a green and sustainable growth across Africa by creating 2,480 full-time jobs, consolidating on the track records of Evolution Funds I and II, which had generated around 1,309 jobs, boasting 22 per cent women engagement.

The Vice President, African Development Bank’s Power, Energy, Climate Change and Green Growth Complex, Kevin Kariuki, assured “The Bank is committed to boosting its portfolio of renewable energy projects and encouraging private investment in renewable and efficient energy solutions.”

Kariuki added that “The Evolution Fund III is well placed to invest much-needed capital in long-term, low-carbon and climate-resilient development pathways towards achieving a just, net-zero future for African countries.”

He revealed the bank’s investment in Evolution Fund III aligns with its ‘High Five objectives,’ particularly, ‘Light Up and Power Africa’ under its New Deal on Energy for the African continent.

The Director, Energy Financial Solutions, Policy & Regulations of AfDB, Wale Shonibare, admonished “The bank’s support for a private equity fund focused on promoting renewable energy in Africa, will assist regional member countries to achieve their Nationally determined contributions and Paris Agreement obligations.”

The continental bank strives to support renewable energy projects, as the African Development Bank acted as the Mandated Lead Arranger (MLA) and Coordinating Bank for the ZAR 11.6 bn total investment, with a commitment of ZAR 2.306 billion to the transaction in South Africa’s largest solar power project which began implementation in February 2022.

Continue Reading

Energy

Nigeria Owns Africa’s Largest Gas Reserves – NUPRC

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) disclosed that Nigeria owns Africa’s largest proven gas reserves of over 208 trillion cubic feet, with most of it untapped or flared.

Published

on

Gas Exports Drop as Shell Declares Force Majeure

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) disclosed that Nigeria owns Africa’s largest proven gas reserves of over 208 trillion cubic feet, with most of it untapped or flared.

In a bid to access the gas resources at the country’s disposal, the federal government declared 2021 – 2030 as the DECADE OF GAS, a period for the country to switch from an oil exploration country to a gas-focused industrial development.

The Chief Executive Officer of the NUPRC, Mr. Gbenga Komolafe, said monetizing gas resources is a positive move towards achieving energy security which is in accordance with the ongoing global energy transition.

According to Ed Ubong, the Managing Director of Shell Nigeria Gas Limited and President of the Nigeria Gas Association, Nigeria has more than enough gas and it needs to be brought to the surface, to be monetized and consumed.

Similarly, Mr. Timipre Sylvia, the Minister of State for Petroleum Resources, said that the growth of Nigeria’s gas reserves was important to achieving the “Decade of Gas Development”.

Sylvia stated that the government has its part to play in energizing the gas sector if Nigeria was to compete with the rest of the global economy.

The federal government, in an attempt to monetize Nigeria’s abundant gas reserve, signed a Memorandum of Understanding with Morocco to construct a 5,600KM gas pipeline that would diversify the economy and also generate additional revenue for the country.

The main motivation behind the gas utilization projects embarked on by the federal government is the government’s goal of wealth creation and economic diversification. Gas seems to be the future for Nigeria as natural gas will be the main energy source in the transition from fossil fuels to green energies.

Natural gas has the potential to not only develop Nigeria’s economy but also improve the standard of living of the country’s citizen.

Continue Reading

Energy

FG Reveals Zungeru Hydroelectric Power Project Ready, to Become Functional Q1 2023

The federal government has revealed that the newly constructed $1.2 billion Zungeru Hydro Electric Power project located in Niger state will become operational in the first (Q1) 2023 after its inauguration.

Published

on

Hydro

The federal government has revealed that the newly constructed $1.2 billion Zungeru Hydro Electric Power project located in Niger state will become operational in the first (Q1) 2023 after its inauguration.

This was disclosed by the Minister of Power, Mr. Abubakar Aliyu, who inspected the extent of work done so far on the power plant.

According to the minister, each of the three turbines has already been installed and will be expected to generate 175 megawatts of electricity. He also noted that when the power plant becomes functional, it will generate 700 megawatts of electricity.

Commenting on the work done so far, the minister expressed satisfaction, stating that the contractors and workers have so far exhibited commitment. However, he stated that the project ought to have been functional already as the challenges of Covid-19 and insecurity hindered its early completion.

He further disclosed that the Zungeru Power Project is part of the federal government’s plans to improve electricity supply across Nigeria and to fulfill President Muhammadu Buhari’s commitment to vision 30:30:30.

Also commenting on the project is Secretary to the Government of Niger State (SSG), Ahmed Ibrahim Matane who accompanied the minister for inspection, said the state government has demonstrated “a high level of commitment to the implementation of the project because apart from electricity generation, it has abundant agricultural potential for the host communities to harness”.

Investors King understands that when the plant becomes functional, it will provide a huge respite both to the epileptic power sector and the struggling economy of the country.

Also, it is expected to provide direct and indirect employment opportunities to more than 2,000 people. 

Continue Reading
Advertisement
Advertisement




Advertisement
Advertisement
Advertisement

Trending