background preloader

Nigeria signs $4.5B deal to build 6 oil refineries

Related:  Utilities/Energy

Power sector gets boost with N1.5trn intervention fund | The Sun News By LOUIS IBA The Federal Government is to commit about $8 billion (about N1.5 trillion) into the power sector under an intervention scheme to grow and sustain existing generation, transmission and distribution capacity, administration officials said over the weekend. James Olotu, who manages the National Integrated Power Projects (NIPP), on behalf of the government, told energy correspondents during a tour of transmission facilities in Lagos that the huge investment became imperative, given that more consumers were hooking up to the national grid as the power supply situation kept improving. Olotu spoke at the Ikeja West transmission station, where a 330/132kv transmission line was commissioned to boost supplies to consumers in Lagos and Ogun states. “Power is not a cheap commodity anywhere, and we have a very huge population of over 160 million people,” Olotu said.

Channels Television - Nigeria's Award Winning Television Station The Federal Government on Friday said mechanisms have been put in place to boost the country’s electricity generation to almost 7,000 megawatts by the end of 2013. The Minister of State for Power, Zainab Kuchi and management staff of agencies in the sector at a meeting on performance in Abuja gave a rundown of achievements in the sector so far and how the new projections will be achieved. Mrs Kuchi said the power ministry is in strong partnership with the private and public sectors to improve the value chain in power delivery especially the improvement of gas delivery for power. Giving a breakdown of power generation in the country, the Chief Executive Officer of Egbin power plant, Mike Uzoigwe, said the current capacity of all Power Holding Company of Nigeria (PHCN) successor generation companies (GENCO) for the fourth quarter of 2012 is 2,829megawatts adding that 3,879megawatts has been projected for 2013.

Power generation hits record energy peak Friday, 07 December 2012 08:16 AMETO AKPE, Abuja Nigeria has attained a power generation milestone with an energy peak of 97,749.11 megawatts per hour on December 4, 2012, the Presidential Task Force on Power (PTFP) has said. In a statement signed by Awele Okigbo, the PTFP’s head of media, “it means that over the 24-hour period the most power was available for consumption.” The previous energy peak was 96,768.53 megawatts hour per hour recorded on August 31, 2012 and this explains why the “milestone” is being hailed by the PTFP as “a sharp contrast to the historic epileptic nature of power availability”. PTFP chairman, Beks Dagogo-Jack, said, “Essentially in the power business what you sell is energy, and that is what everybody uses in their homes. “The peak of power availability can be an instantaneous occurrence; you can stay there for a second and go off it; whereas energy is constantly delivered to homes. “With Chevron being out, we still attained this peak energy record.

Africa Investor - News Thursday, 13 Dec 2012 The revenues generated in the power sector post privatisation may hit N1.2 trillion per annum in three years with improved efficiency and output, BusinessDay analysis of available data from Power Holding Corporation of Nigeria (PHCN) shows. Analysts say the electricity revenues have the potential to dwarf revenues and profitability of the earlier deregulated telecommunications industry, making the power sector a goldmine for investors able to get exposure to the sector. PHCN electricity revenues currently average N22 billion a month, at an efficiency (collection) ratio of 46 percent and power output of 4,000 MW. "Without increasing power, and just by doubling efficiency, you could generate N44 billion a month next year, and as we gradually get close to 10,000 MW in three years, I see the number hitting N100 billion a month," said a source at the National Electricity Regulatory Commission (NERC). Credits: Business Day

Power generation in Nigeria hits new record high at 4,349.7MW; best is yet to come Government says Power generation seems to be on an upward trajectory as it is reported to have reached a new all time high of 4,349.7 megawatts on December 17th. The increase in power generation is attributed to an increased capacity in the country’s national grid. The Egbin Power Plant, the Omotosho NIPP and the Chevron gas plants all contributed to the increased capacity. The President Goodluck Jonathan administration has promised massive improvements in the nation’s power supply “This is very exciting and cheery news,” the chairman of the Presidential Task Force on Power (PTFP), Mr. “I assure you that the best is yet to come” the chairman continued. “Essentially in the power business, what you sell is energy, and that is what everybody uses in their homes. Nigeria is well known for its epileptic power supply “The peak of power availability can be an instantaneous occurrence; you can stay there for a second and go off it; whereas energy is constantly delivered to homes. —

Firm completes 32 power projects in Lagos The Niger Delta Power Holding Company has completed 32 out of 67 independent power projects in Lagos metropolis. Sources in Eko and Ikeja Electricity Distribution Zones disclosed this to on Thursday in Lagos. They said 27 of the completed projects were within the Eko Electricity Distribution Zone, while the other five were in Ikeja zone. Chris Akamnonu, the Chief Executive Officer, Ikeja Electricity Distribution Zone, said that all the completed projects had been inaugurated and connected to the national grid. According to him, each of the 67 injection sub-stations has capacity of 15MVA, adding that the projects would boost power distribution in the state when completed. He said that all the injection stations would be completed on or before December. <div class="disqus-noscript"><a href="

GON finally signs share purchase agreements, to realise $2.32billion Read (2032) February 22, 2013 / Abuja The Federal Government on Thursday signed the Share Purchase Agreement (SPA) and twelve other documents with fourteen (14) core investors that won bids for 15 successor companies carved out of the Power Holding Company of Nigeria (PHCN)preparatory to their being handed over to the investors. The sums of $1.26bn will be realised from the sale of 10 distribution companies and $1.06bn will be realised from the sale of five generation companies. The signing of the SPA comes with a demand for the payment of 25 per cent of the share purchase price for the electricity firms within 15 working days and the balance of 75 per cent of the bid price within 90 working days to complete the transactions. Other documents that were signed on Thursday included the Vesting Contract Agreement between the Nigerian Bulk Electricity Trading Company Plc and the distribution companies, and the Power Purchase Agreement between NBET and the generation companies.

Must READ: Nigerian student provides a way to track NEPA failure and how to get free electricity MIT grad student Chidube Ezeozue devotes energy to his fellow Nigerians. “Electrical outages are a huge problem in Nigeria,” says Ezeozue, who is pursuing dual master’s degrees in MIT’s Technology and Policy Program and in electrical engineering and computer science. “The outages really interrupt everyday life.” Nigeria’s supply of electricity is severely limited, resulting in rolling outages: Power is cut off every few hours and redirected to neighborhoods that were previously in the dark. While Nigerians know to expect these power cuts, they rarely know when the outages will happen, or how long they will last. Since his admission to MIT in 2011, Ezeozue — who received his undergraduate degree in electrical engineering from the University of Nigeria in 2008, followed by three years of work at a software startup — has created an app, with his brother, that crowdsources information about Nigerian power outages.

Power reform heralds multiple pacts | Daily Independent •Jonathan •Prof. Chinedu Nebo Federal Government last Monday demonstrated its determination to resolve the power problem in the country by completing a series of power purchase agreements and gas supply transactions that had in participation both local and international businesses and investors including the World Bank and the New York Branch of Deutsche Bank AG, Senior Reporter, OBAS ESIEDESA, reports The Presidential Power Reform Summit, which was superintended by President Goodluck Jonathan, saw the signing of market making transactions cutting across the entire electricity value chain. Federal Government at the event officially presented 15 companies who were successful in the bidding process for five generation companies and 10 distribution companies belonging to the Power holding Company of Nigeria (PHCN) with their certificate of 25 percent payments of the bid values. According to him, the day’s event signaled “a major step forward in the implementation of our Power Sector Roadmap.

Analysis - Nigeria faces long, bumpy road to making the lights work ABUJA (Reuters) - In an unwanted daily routine lasting 17 years, Phillip Cleatus sits in the dark doorway of his shoe-making shop in Nigeria's northern city of Kaduna, waiting for the lights to come back on. President Goodluck Jonathan is trying to persuade Cleatus and some 170 million other Nigerians that will soon change. Yet while his plan to privatise power is creeping forward, it is likely to take decades to end the chronic electricity shortages that are among the main barriers to investment and growth in Africa's second biggest economy and top oil producer. Nigeria is in the process of breaking up the defunct state power company into 17 private generation and distribution companies and selling them for about $2.5 billion (1.6 billion pounds) in total, as part of efforts to increase electricity output tenfold over the next seven years. The $13 billion a year that Nigerians spend on diesel, most of which is imported, would be a bill of the past.