Power

Electricity thieves to face prosecution – NERC

Sep 2, 2013

Nigerian Electricity Regulatory Commission, NERC, has set machinery in motion to arrest unscrupulous individuals guilty of pilfering electricity across the country. NERC Chairman, Dr. Sam Amadi disclosed this during an exclusive interview recently. According to the NERC boss, “The era when unscrupulous individuals were in the habit of stealing power will soon be a thing…

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NERC laments poor safety compliance level in power sector

Aug 30, 2013

The Nigerian Electricity Regulatory Commission (NERC) has decried the poor adherence to safety regulations in the power sector which it says is at 88 per cent compliance level. Speaking at a quarterly meeting with electricity industry health and safety managers and the engineering, standards and safety division of NERC in Abuja, Chairman of the Commission,…

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Hopes dim further for Interstate Consortium over Enugu Disco

Aug 30, 2013

Hopes for the Interstate Consortium to take over the Enugu Electricity Distribution Company have dimmed further as its effort to raise funds from Africa Import-Export Bank has hit the rocks. The funds, expected to be raised through Kaztek Engineering, may have been stopped because, among other reasons cited in an internal memo by the bank,…

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We’ve paid 70% of PHCN workers – FG

Aug 30, 2013

The Federal Government on Wednesday said it had paid the severance benefits of over 70 per cent of the workers of the Power Holding Company of Nigeria as it worked towards concluding the privatisation of the power sector. It stated that it would conclude the payment before the end of next week. The government also…

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TCN board seeks funding from excess crude account

Aug 29, 2013

The reconstituted supervisory board of the Transmission Company of Nigeria (TCN) has asked the federal government to finance expansion projects in Nigeria’s power sector with funds from the Excess Crude Account (ECA). Chairman of the board and a onetime chairman of the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) Haman Tukur, who spoke shortly after…

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FG to begin handing over privatised PHCN assets next week

Aug 29, 2013

The federal government has said it would begin the handover of the privatised assets of the unbundled Power Holding Company of Nigeria (PHCN) to the new owners next week. Although government did not give a specific date for the handover, but the Minister of Power, Prof. Chinedu Nebo who spoke through the permanent secretary in…

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New owners of power assets and the journey ahead

Aug 29, 2013

The electricity sector reform, which started in 2000 with the issuance of the National Electric Power Policy to unbundle the sector and develop a competitive electricity market, has made significant progress with the final acquisition of 13 power assets in the country. It’s no longer news that 13 consortia beat the August 21 deadline for…

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We have disappointed our western critics on power privatisation, says FG

Aug 29, 2013

Delighted by the level of progress made in its electric power privatisation programme, the federal government yesterday said the payment of 75 per cent balance of bidprices for successor generation and distribution companies created from the unbundling of the Power Holding Company of Nigeria (PHCN) had shamed pessimistic criticisms from western countries and institutions. The…

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North-South Power closes Shiroro hydro deal with payment of $61.6m

Aug 29, 2013

North-South Power, the preferred bidder which won the bid for Shiroro hydro power station under the power privatisation programmme, yesterday paid $61.62 million to the Bureau of Public Enterprises (BPE) to close the deal on the acquisition on the power utility. North-South Power was one of two bidders which did not complete its payment last…

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Handover of PHCN successor firms will be delayed

Aug 29, 2013

The handover of the 15 unbundled generation companies, Gencos, and distribution companies, Discos, of the Power Holding Company of Nigeria, PHCN, to the new owners will not happen soon even after conclusion of full payment as at the close of work last Wednesday, Daily Trust has learnt. Industry sources said that the handover will not…

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