Power

Federal Government makes N304bn from sale of power assets

Aug 28, 2013

An estimated N304.82 billion ($1.957 billion) was paid into the coffers of the federal government last week when 14 of the preferred bidders who won the bids for the successor generation and distribution companies created from the unbundling of Power Holding Company of Nigeria, PHCN, finally paid up 75 per cent of the transaction value…

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Egbin now generating 220MW of electricity

Aug 27, 2013

The Egbin Thermal Station in Lagos is now adding 220 megawatts (MW) to the national grid following the repair of its faulty sixth turbine unit (T-06) The power plant, which has installed capacity of 1,320Mw, had suffered setback for some years because of ageing parts and paucity of funds to upgrade the facility. It was…

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Reserved bidder may take over Enugu power firm

Aug 27, 2013

The Reserved bidder for the Enugu Electric Distribution Company may take over the power firm soon despite alleged lobbying by the preferred bidder after it failed to meet the stipulated payment deadline set by the Bureau of Public Enterprises. Our correspondent gathered on Monday that the Federal Government would not bend the rules to favour…

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AFC, Nigerian banks provide funds for N34bn Ughelli plant acquisition

Aug 27, 2013

Africa Finance Corporation and three Nigerian banks — United Bank for Africa Plc, First City Monument Bank Plc and Fidelity Bank — yesterday, stated that they committed a total of US$ 215 million (N34.4 billion) in form of a debt financing facility, for the acquisition of Ughelli Power Plc. Ughelli Power Plc is a gas…

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FG to complete 11 power plants by 2014

Aug 27, 2013

The Minister of Information, Mr. Labaran Maku, has said all the 11 power plants being constructed by the Federal Government will be completed before the end of the first quarter of 2014. Maku stated this on Monday while fielding questions from journalists after the Peoples Democratic Party stakeholders’ meeting in Lafia, Nasarawa State. He said…

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Consumers will not be subjected to bi-annual price increases – NERC

Aug 26, 2013

Consumers will not be subjected to increases in electricity tariff twice a year, according to the Nigeria Electricity Regulatory Commission (NERC). This came just as the Minister of Power, Prof Chinedu Nebo called for patience and support in government’s quest to ensure reliable and efficient electricity supply. The Minister through his Special Adviser (Media), Kande Daniel,…

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FG reshuffles board, management of TCN

Aug 26, 2013

The Federal Government has reshuffled the supervisory board and management team of the electricity transmission company, the Transmission Company of Nigeria, TCN. It has also set up a new advisory team to complement the management and board of TCN which is under a three-year management contract by Canadian firm, Manitoba Hydro International, MHI. Appointed on…

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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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