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Niger Delta Power Holding Company Reveals N190bn Debt Owed by Government Entities

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3 weeks ago

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power project

The Niger Delta Power Holding Company (NDPHC) has disclosed that the Central Bank of Nigeria (CBN), the Nigerian Bulk Electricity Trading Plc (NBET), and the Nigerian Electricity Liability Management Company owe a cumulative sum of N190 billion for electricity supply.

Chiedu Ugbo, the Managing Director and CEO of NDPHC, shared this information during a media briefing in Lagos.

Ugbo highlighted that the N190 billion debt has accumulated from 2015 to May 2023. While the exact amount owed by NBET wasn’t specified, Ugbo emphasized that the huge indebtedness to NDPHC runs into hundreds of billions, affecting the company’s operations and financial obligations.

He stated, “NDPHC is also not paid for availability but only as dispatched, thereby depriving NDPHC of hundreds of billions since 2015 when the Transitional Electricity Market was declared, and the government has so far been denied revenue as high as N3trn.”

Ugbo emphasized the challenging situation the debt has created, making it difficult for NDPHC to meet operational expenditures, pay gas suppliers, and maintain regular power generation.

To overcome these challenges, he called for urgent private capital mobilization and explored independent transmission projects, involving Gencos as investors.

Executive Director, Generation, Engr. Abdullahi Kassim, highlighted the ‘Light-up Nigeria Initiative,’ a program aimed at leveraging NDPHC’s generation assets to provide reliable power supply to eligible customers, distribution companies, and third-party project developers, ultimately achieving over 97% power distribution to the masses.

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Energy

Nigeria and Germany Ink $500 Million Agreements for Renewable Energy and Gas Exports

Published

2 weeks ago

on

November 22, 2023

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Renewable Energy

Nigerian and German companies have sealed two pivotal agreements in Berlin, valued at $500 million.

The accords, announced by Presidential spokesperson Ajuri Ngelale, include a renewable energy pact and a gas export deal, marking a significant milestone in bilateral cooperation.

The first agreement formalized a Memorandum of Understanding on renewable energy between the Union Bank of Nigeria and Germany’s DWS Group.

This strategic partnership seeks to attract $500 million in investments dedicated to renewable energy projects, with a primary focus on rural communities across Nigeria.

The second Memorandum of Understanding solidified a gas export partnership between Riverside LNG of Nigeria and Germany’s Johannes Schuetze Energy Import AG. Under this deal, Nigeria commits to supplying 850,000 tons of natural gas annually to Germany, with projections indicating an increase to 1.2 million tons.

The initial shipments are scheduled for 2026, addressing both nations’ commitment to environmentally conscious practices and sustainable energy solutions.

This gas export agreement is particularly significant as it contributes to processing approximately 50 million cubic feet per day of natural gas that would otherwise be flared, aligning with Nigeria’s goal to harness its abundant gas resources for sustainable energy projects.

President Bola Tinubu, attending the G20 Compact with Africa conference in Berlin, expressed his approval of the agreements, emphasizing Nigeria’s commitment to reforms. Chancellor Olaf Scholz of Germany also announced a 4 billion euro investment in green energy projects in Africa by 2030, aligning with Germany’s transition to carbon neutrality.

Despite challenges such as oil theft, Nigeria, under President Tinubu’s leadership, has undertaken significant reforms to attract investors and revitalize its economy.

These agreements signify a step toward sustainable energy solutions, addressing environmental concerns and fostering economic growth in both nations.

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Energy

Sun Africa Commits $2.2 Billion to Transform Nigeria’s Power Sector

Published

2 weeks ago

on

November 20, 2023

By

ossiomo

Sun Africa LLC, a global entity dedicated to supporting Africa’s energy needs, has announced a commitment of approximately $2.2 billion for the development of Nigeria’s power sector.

The pledge follows a meeting between the Minister of Power, Adebayo Adelabu, and representatives from Sun Africa, led by Chairman Goran Rajsic.

In the initial phase, the project will concentrate on delivering 961 MWp of solar PV infrastructure and 455 MWh of battery energy storage, marking a transformative venture valued at $2.2 billion.

This strategic collaboration aims to address Nigeria’s growing demand for new power infrastructure, aligning with the nation’s economic needs and transitioning toward sustainability.

Adelabu emphasized Nigeria’s significant requirement for new power infrastructure to support economic growth and sustainability.

The commitment from Sun Africa and its partners signifies a crucial step toward achieving Nigeria’s electricity goals.

Goran Rajsic expressed gratitude to the project partners, highlighting the support in designing a comprehensive solution featuring cutting-edge solar PV and battery storage technologies.

Sun Africa’s collaboration with Sterling & Wilson Renewable Energy Limited as its EPC partner represents a milestone in advancing sustainable and reliable energy solutions for Nigeria.

This initiative aligns with the nation’s commitment to driving positive change through innovative renewable energy solutions.

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Energy

Egbin Power Marks 10 Years of Transformative Growth, Boosting Nigeria’s Energy Landscape

Published

4 weeks ago

on

November 7, 2023

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Egbin-Power-Plant - Investors King

As the Nigerian Electricity Supply Industry (NESI) celebrates a decade of post-privatization endeavors, Mr. Mokhtar Bounour, the Chief Executive Officer of Egbin Power Plc, proudly shares the company’s remarkable journey over the last ten years.

Egbin Power, which emerged as a critical player in Nigeria’s power sector, has witnessed a transformative growth, elevating its generation capacity from under 400 megawatts (MW) to a commendable 1,000 MW, since the era of privatization that commenced in November 2013.

Despite the enduring challenges that continue to loom over the Nigerian power sector, Bounour acknowledges that this milestone constitutes a significant contribution to the nation’s socio-economic progress.

He attributes this achievement to the unwavering commitment of the board, management, and dedicated staff, alongside substantial support from partners within the power sector’s value chain.

Egbin Power’s CEO underscores the company’s dedication to fostering the sector’s sustainable development, guided by Sahara Group’s vision to empower Nigeria’s power industry positively.

Since taking control in 2013, the Egbin power plant has undergone a transformative and strategic turnaround, aligning with its mission to deliver dependable and accessible power to the Nigerian populace.

This transformative journey involved prioritizing substantial investments in critical areas, such as equipment upgrades, human capital development, employee safety, technology infusion, and numerous capital projects.

The outcome has been a remarkable surge in the generation capacity, from below 400 MW to over 1,000 MW.

As a key Generation Company (Genco), Egbin Power plays an essential role in the country’s economic growth by ensuring grid stability and active participation across various sectors, ultimately contributing to the overall enhancement of the Nigerian power industry.

Moreover, Egbin Power is also enriching the community through Corporate Social Responsibility (CSR) initiatives by empowering schools, hospitals, and key institutions, all while providing its primary product—electricity.

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