Transcorp Power Plc has strengthened its operational capacity by increasing its available generation from 500 megawatts (MW) to 625MW within a year to reinforce its role in stabilizing Nigeria’s power supply and regional energy integration.
Speaking at the company’s 2024 annual general meeting in Abuja, the Managing Director and Chief Executive Officer of Transcorp Power, Peter Ikenga, attributed the company’s improved performance to operational efficiency, cost optimization and enhanced tariff structures.
“Transcorp Power has remained committed to driving operational excellence and expanding capacity to meet growing energy demand. We closed the year stronger with an available capacity of 625MW, positioning us for a higher level of operational performance and financial outcome,” Ikenga stated.
The company also disclosed that it had secured a reliable gas supply from multiple sources, supported by redundant pipeline networks to ensure uninterrupted generation.
Also, through strategic engagement with key stakeholders, a second inter-bus transformer of 150MVA capacity is set to be commissioned in the Transmission Company of Nigeria’s (TCN) switchyard at its plant.
This development, according to the company, will enhance reliability and provide greater flexibility in evacuating generated power.
Beyond local expansion, Transcorp Power has continued to advance its cross-border electricity supply initiatives.
The company announced significant progress in its partnership with Société Béninoise de Production d’Electricité (SBPE) of the Republic of Benin, increasing the contracted energy capacity sold to SBPE.
Cross-border electricity sales accounted for 18 percent of Transcorp Power’s revenue in 2024, mitigating the adverse impact of foreign exchange volatility.
Transcorp Power also reported a 165 percent increase in profit after tax (PAT) from N30.2 billion in 2023 to N80 billion in 2024.
Revenue grew by 115 percent to N305.9 billion while gross profit climbed by 89 percent to N142.2 billion.
The company’s gearing ratio significantly improved, dropping from 64.48 percent in 2023 to 29.70 percent in 2024 following the full repayment of its USD loan.
Return on assets increased to 20.17 percent while return on equity rose to 63.19 percent, reflecting enhanced financial stability and efficient capital utilization.
The company reaffirmed its commitment to strengthening Nigeria’s power infrastructure while contributing to West Africa’s regional power integration. As a key member of the Executive Board of the West African Power Pool (WAPP), Transcorp Power continues to play a pivotal role in shaping electricity distribution and supply across the region.
“Our plant remains a cornerstone of grid stability, providing the most reliable black start services to the national grid. This has significantly reduced downtime during grid disturbances and strengthened overall network reliability,” Ikenga added.
With its strategic expansion, financial growth, and commitment to regional energy development, Transcorp Power is positioning itself for sustained leadership in Nigeria’s power sector while enhancing electricity access across West Africa.
