Power

FG approves N118bn as severance package for PHCN Staff

Aug 7, 2013

The federal government Tuesday said the payment of severance benefits to workers of the Power Holding Company of Nigeria (PHCN) had commenced in earnest with the approval of about N118 billion for about 20,304 members of staff, who had been cleared. The payment, said to have commenced on August 1, was being made by the…

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NERC chairman explains electricity tariff hike

Aug 6, 2013

Despite the pre-paid five-year tariff on electricity which ought to make the price remain stable, the Chairman of the Nigerian Electricity Regulation Commission (NERC), Dr. Sam Amadi, has said the rise in inflation has forced the price to go high. Amadi stated this Monday, when he played host to the Director General, Consumer Protection Council,…

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Ownership structure of Discos may result in conflict of interest, in-fighting

Aug 5, 2013

The ownership structure adopted for the Power Holding Company of Nigeria’s distribution companies  (Discos) under the power sector privatisation may result in conflict of interest, in-fighting and eventual collapse of the joint venture, Energy analyst and Principal Partner at KayafasKonsult Ltd, a regulatory consulting firm, Mr. S. A. Bello has said. Bello said the ownership…

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FG seeks $450m from Islamic Development Bank for power sector

Aug 5, 2013

The Federal Government has sought the support of the Islamic Development Bank for the provision of about $450m to expand the power transmission system to wheel up to 20,000 megawatts of electricity. A statement on Sunday quoted Vice-President Namadi Sambo as making the request on behalf of the government in Makkah, Saudi Arabia, when he…

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GTBank, Mainstream Energy seal $170m financing facility

Aug 5, 2013

Mainstream Energy Solutions Limited has signed a $170m medium-term syndicated acquisition facility to part-finance the concession of the Jebba Power Station and Kainji Power Station, both of which are owned by Kainji Hydro Electric Plc. The syndication, which was carried out on Friday, was fully underwritten by GTBank, which also acted as the Mandated Lead…

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PHCN workers, retirees, pensioners to get N400bn – FG

Aug 1, 2013

The Federal Government on Wednesday said N16bn had been approved for the payment of the entitlements of retirees and pensioners of the Power Holding Company of Nigeria in preparation for the conclusion of the privatisation of the power sector. This is in addition to the N384bn earlier approved as severance package for employees of the…

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Preferred bidders emerge for Afam, Kaduna power firms

Aug 1, 2013

Two consortia on Wednesday emerged preferred bidders for two electricity companies, Afam Power Plc and Kaduna Electricity Distribution Company, offered for sale by the Federal Government. With a bid of $260.05m, Taleveras beat TES Power to emerge the preferred bidder for Afam Power Plc, the last of the generating companies carved out of the Power…

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Power supply may worsen as Agip workers’ go on strike

Jul 31, 2013

Nigeria’s epileptic power supply may get worse as some protesting oil workers at the Nigeria Agip Oil Company, NAOC\, at Okpai, in Ndokwa East Local Council of Delta State, have laid down tools. NAOC operates Okpai gas plant, which supplies gas to the 480 megawatts power plant located in the community. Their spokesman, Mr. John…

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10 firms battle for Afam Power Plc, Kaduna Disco

Jul 31, 2013

Ten firms prequalified and approved by the National Council on Privatisation will on Wednesday (today) fight for the right to acquire majority stakes in two electricity firms, Afam Power Plc and Kaduna Electricity Distribution Company. Afam Power Plc and Kaduna Distribution Company are two of the 18 successors companies carved out of the Power Holding…

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FG allays fears of job losses to expatriates as a result of ongoing power reforms

Jul 31, 2013

The federal government has made known its intention to avoid possible loss of jobs in Nigeria’s power sector to expatriates when its concludes the ongoing reform, which has seen it unbundle and sell off state owned power company, the Power Holding Company of Nigeria, PHCN. Minister of Power, Prof. Chinedu Nebo, disclosed recently at the…

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