Power

Defaulting power bidder lobbies NCP to bend rules

Aug 23, 2013

The lobbying by Interstates Electrics, the preferred bidder for Enugu Distribution Company (Disco), to make the National Council on Privatisation (NCP) to bend the rules for it following its inability to meet up with the Wednesday deadline for the payment of the balance of the 75 per cent bid price is causing rumpus among council…

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Investors in power firms can now take possession –FG

Aug 23, 2013

The Federal Government on Thursday said the preferred bidders for the power generation and distribution companies who met the deadline for the payment of the 75 per cent balance of their bid prices could now take over the companies. The Minister of Power, Prof. Chinedu Nebo, said the government had recorded substantial compliance in payment…

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How $1bn power sector Eurobond will be spent – DMO

Aug 23, 2013

The $1billion Eurobond meant for public power supply stabilisation in Nigeria will not only be tied to the envisaged projects, but also closely monitored to win investors’ confidence. This was disclosed yesterday, by the Director General of Debt Management Organisation (DMO), Dr. Abraham Nwankwo, in Calabar, the Cross River State capital. In an interview shortly…

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FG to inaugurate seven power plants, 150 substations

Aug 23, 2013

The Minister of Power, Prof. Chinedu Nebo, said on Wednesday that seven power plants and 150 new substations built across the country were ready for inauguration. Nebo said this in Abuja when he briefed State House correspondents on the outcome of the weekly Federal Executive Council meeting, presided over by President Goodluck Jonathan, according to…

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FG may have raked in N358.04bn from PHCN asset sales

Aug 22, 2013

All things being equal, the Federal Government may have raked in about $2.238 billion or N358.045 billion from the sale of 15 Power Holding Company of Nigeria, PHCN, successor companies, which transaction deadline ended, Wednesday. The amount represents 7.18 percent of the national budget of N4.987 trillion in 2013, making it the biggest privatisation sales…

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Electricity supply worsens due to system collapse; repair of Egbin station to boost supply

Aug 22, 2013

Efforts by the federal government to improve electricity supply suffered a major setback following a total system collapse that disrupted supply across the country since Wednesday, THISDAY has learnt. This is coming as the Egbin Power Plc targets to generate 1,320megwatts of electricity after the ongoing repair of the Unit 6 is completed within 90…

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10 more power investors meet payment deadline, taking the total to 13

Aug 22, 2013

Thirteen of the preferred bidders for successor generation and distribution companies created from the unbundling of Power Holding Company of Nigeria (PHCN) have finally paid up their 75 per cent outstanding balance of bid prices for their acquired assets to beat the payment deadline, which expired Wednesday. Three of the bidders, West Power and Gas,…

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Three power investors manage to beat payment deadline

Aug 21, 2013

West Power and Gas, Integrated Energy Distribution and Marketing Company and Amperion Power Company Limited  Tuesday beat the deadline given to bidders to pay the outstanding 75 per cent for the distribution and generation companies being sold to investors through the privatisation process. Sources in the Bureau of Public Enterprises, BPE, informed that West Power…

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Confusion as payment deadline for power investors expires

Aug 21, 2013

The deadline for the preferred bidders for 14 power generating and distribution companies slated for privatisation by the Federal Government will expire today amid confusion over the status of the alleged payments made by some of the intending investors. As of 9.30pm on Tuesday when this report was being compiled, the Bureau of Public Enterprises…

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FG to tackle transmission challenges with $1.6 billion from the proceeds of NIPP sales

Aug 20, 2013

The Federal Government has said that it would commit the majority of about $1.6 billion proceeds to be realized from the sale of the National Integrated Power Projects, NIPP, to tackle the problem of transmission in the country. The Minister of Power, Professor Chinedu Nebo, who disclosed this while receiving members of the Independent Power…

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