Power

CBN to clampdown on banks over power funding

Nov 5, 2013

The Central Bank of Nigeria, CBN, is set to curtail the excesses of banks as regards their funding of power projects. This is in the light of recent concerns over the viability of the Power Holding Company of Nigeria, PHCN’s assets acquired by new investors. The concern stems from experts who are of the view that…

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New firm to provide technical services in NESI

Nov 5, 2013

The newly-created Electricity Management Services Limited (EMSL) has said that it was not created to take up any regulatory role in Nigeria’s emerging electricity market but to provide the much-needed technical support services for improved power production and supply in the Nigerian Electricity Supply Industry (NESI). The firm said its creation was in sync with…

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Power takeover: Different strokes for different folks

Nov 5, 2013

Following the takeover of the power distribution and generation companies by new investors last week, it has emerged that the owners of the electricity utilities have adopted different short to mid-term management strategies to run their businesses. THISDAY learnt that while West Power and Gas, the new owners of Eko Distribution Company (Disco), have decided…

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NERC, new Disco owners brainstorm on concerns over ATC&C loss figures

Nov 4, 2013

The Nigerian Electricity Regulatory Commission (NERC) and new core owners of privatised electricity distribution companies created from the unbundling of the Power Holding Company of Nigeria (PHCN) have agreed to further brainstorm on concerns expressed with the baseline Aggregate Technical, Commercial and Collection (ATC&C) loss figures contained in NERC’s Multi Year Tariff Order (MYTO-2) framework.…

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FG to sanction power investors over performance agreement

Nov 4, 2013

The Federal Government has said that it will not hesitate to sanction any core power investor that does not deliver on performance agreement that was executed with the government. The Vice President, who is the also chairman National Council on Privatization, Arc. Namadi Sambo, stated this at the weekend while handing over the Geregu Power…

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Power: Private sector era begins

Nov 4, 2013

Following the physical handover of the privatised Power Holding Company of Nigeria’s (PHCN) successor companies by the Federal Government at the weekend, buyers of the assets are now set to begin the arduous task of carrying out proper evaluation of the acquired assets to ascertain the level of upgrade and investment that would be required,…

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PHCN privatisation: FG insists current tariff not sustainable

Nov 4, 2013

As the 15 privatised power firms hand over to the new owners, the federal government has insisted that the current electricity tariff might not be sustainable. The Minister of Power, Prof. Chinedu Nebo said this last Friday at a press conference shortly after performing the handover ceremony of the Abuja Electricity Distribution Company (AEDC) to…

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Lagos expands island power plant distribution capacity

Nov 4, 2013

The series of activities by the Lagos State Government marking October 2013 as the Energy Conservation Month came to a climax last Thursday with the unbundling of more government facilities unto the 10MW Island Power Plant built by the state government under the Public Private Partnership infrastructure financing model. Speaking at the inauguration of the…

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Elumelu restates commitment to $2.5bn investment in power sector

Nov 4, 2013

The Chairman of Transnational Corporation of Nigeria (Transcorp), Mr. Tony Elumelu has restated the commitment of his  pan-African proprietary investment company to invest $2.5 billion to the power sector. Speaking at the weekend after he was handed over the Ughelli Power Plant in Delta State, which was acquired by Transcorp, Elumelu said the acquisition of…

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Peterside lauds BPE over successful handover of power assets

Nov 4, 2013

Chairman of the Technical Committee of the National Council on Privatisation (NCP), Mr. Atedo Peterside, has congratulated the Bureau of Public Enterprises (BPE) for the successful handover of 10 distribution companies and four generation companies unbundled from the defunct Power Holding Company of Nigeria (PHCN). In a statement Sunday, Peterside urged the privatisation agency to…

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