Power Sector And Other Related News Stories For Tuesday March 26th 2024
Nigeria Boosts Power Grid With New Equipment
FGN Power Company, a special purpose vehicle established by the Federal Government of Nigeria to own and execute the Presidential Power Initiative (PPI), has received 10 transformers and 10 Mobile Substations to increase the nation’s transmission capacity. This is according to Kenny Anuwe, managing director of the company.
In a statement obtained by BusinessDay, FGN Power Company, said it received the equipment from Siemens Energy, citing that the substations are set to transform power delivery, offering unparalleled flexibility and efficiency in meeting the growing energy demands of consumers nationwide.
https://businessday.ng/energy/power/article/nigeria-boosts-power-grid-with-new-equipment/
Electricity Subsidy to Hit N4.9trn in 10 Years
Nigeria grew by 22.16 per cent from N528 billion in 2019 to N645 billion in 2023, latest figures from the Nigerian Electricity Regulatory Commission, NERC, has shown.
With the Commission projecting N1.6 trillion as electricity subsidy for 2024, total subsidy in the past 10 years is expected to hit N4.993 trillion by the end of the year.
A breakdown of the total amount showed that the Federal Government was expected to have remitted to the power sector N225 billion in 2015, N308 billion in 2016, N351 billion in 2017, N440 billion in 2018, N528 in 2019, N501 billion in 2020, N251 in 2021, N144 in 2022 and N645 in 2023.
https://www.vanguardngr.com/2024/03/electricity-subsidy-to-hit-n4-9trn-in-10-years/
Nigeria to Benefit From 2M£ Investment in Mobile Power
Nigeria’s quest to achieve regular power supply has received a boost with a 1m pounds investment on mobile power by All-On, a leading impact investment company focused on scaling up renewable energy sector in the country. This brings All-On’s total investment in MOPO to £2 million.
The new investment will support the expansion of MOPO’s product line with the rollout of the MOPOMax, a generator replacement battery designed for both household and productive use applications. The MOPOMax boasts a 1,000Wh capacity, 20 times more energy than MOPO’s smallerMOPO50 battery, a 50Wh smart battery, providing household energy for lighting
https://www.vanguardngr.com/2024/03/nigeria-to-benefit-from-2m-investment-in-mobile-power/
Maximizing Nigeria’s Renewable Energy Potentials For Sustainable Growth And Development
As of 2022, over 40% of Nigerian households own generators and bear the associated costs. The lack of reliable power supply has caused 80% of those with access to grid electricity to rely on alternative sources of electricity, primarily petrol and diesel generators. This reliance on generators is further evidenced by the fact that Nigerian businesses and households spend over $5 billion annually on fuel for their generators. This significant expenditure on fuel for generators reflects the financial burden imposed by the high cost of petroleum products for electricity generation.
Adelabu Urges States to Take Advantage of New Electricity Act
Minister of Power, Chief Adebayo Adelabu, has urged state governments in the country to key into the vision behind the electricity act 2023 signed into law by President Bola Tinubu.
The minister added that this is the only way Nigeria can achieve economic growth and ensure development in the country.
Adelabu spoke during a one-day working visit to Sokoto state, where he visited the recently completed 38 megawatts Independent Power Plant (IPP) built by the state government and the Goronyo Dam, one of the facilities being considered for power generation.
