Power

Power bidders scramble to meet payment deadline

Aug 19, 2013

The preferred bidders selected by the National Council on Privatisation (NCP) for the five generation and 10 distribution companies created out of the unbundling of Power Holding Company of Nigeria (PHCN) are scrambling to meet the Wednesday deadline set by NCP to pay the outstanding 75 per cent of the bid price for the respective…

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NCP asks 82 firms to bid for 10 power plants

Aug 19, 2013

No fewer than 82 companies have been requested to submit proposals for 10 power plants under the National Independent Power Plants, NIPPs, in the next round of Nigeria’s electricity privatisation programme. In a statement obtained by Vanguard yesterday, the Bureau for Public Enterprises, BPE, said the decision was taken at the second joint meeting of…

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ALSCON to transfer 360MW electricity to national grid

Aug 19, 2013

The Aluminium Smelter Company of Nigeria has said it will transfer 360MW of electricity to the national grid as part of its support for the development of the nation’s power sector. The company, which said Nigeria currently occupied the 39th position among the world’s biggest economies, lamented the country’s 70th place in terms of power…

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FG commits N70.2bn euro bond to gas infrastructure

Aug 19, 2013

The Federal Government has announced the allocation of N70.2bn ($450m) for the improvement of gas infrastructure across the country. This, it said, was aimed at addressing the gas supply problems, which have led to a sharp reduction in power generation in the country. The Minister of Power, Prof. Chinedu Nebo, who disclosed this in Abuja,…

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Drop in electricity generation worries power investors

Aug 16, 2013

The persistent drop in electricity generation in the country is a threat to the early completion of the privatisation of the power sector, the preferred bidders of the power distribution companies have said. Our correspondent gathered on Wednesday that the nation was currently generating 2,919 megawatts of electricity. The preferred bidders wondered why the poor…

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FG assembles experts to investigate gas to power challenge

Aug 15, 2013

The federal government is currently assembling a team of experts across the oil industry to investigate in particular the cause of the severe leaks in the gas supply channels in the Eastern part of the country and determine measures to be taken to ameliorate the situation. This according to a recent statement from the Special…

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Reserve bidders prepare bids to take over Discos

Aug 15, 2013

A number of reserve bidders for the 10 distribution companies (Discos) carved out from the Power Holding Company of Nigeria (PHCN) have indicated their readiness to step in with their reserve bids, if the preferred bidders for the distribution assets fail to pay up their remaining 75 per cent bid prices within the stipulated timeframe.…

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Power tussles compound crisis rocking N3.85bn Manitoba management contract

Aug 14, 2013

Power tussles among officials has compounded the crisis rocking the N3.85 billion management contract given to Canadian company Manitoba to run the electricity Transmission Company of Nigeria, Daily Trust has learnt. The Federal Government handed over TCN to Manitoba Hydro International in a $24 million contract that is expected to run for three years, aimed…

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Banks unwilling to lend funds to power bidders over PHCN workers entitlements

Aug 14, 2013

Nigerian banks are unwilling to lend funds to the preferred bidders of the 11 privatized Electricity Distribution Companies due to uncertainty associated with the settlement of entitlements of former Power Holding Company of Nigeria, PHCN, workers. The owners of the DISCOs, who made their plight known to the minister of power in Abuja on Tuesday,…

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Power firm bidders may not meet payment deadline; give condition for payment

Aug 14, 2013

The hope of an early completion of the privatisation of the power sector is being threatened by the inability of the Federal Government to settle all outstanding labour issues at the Power Holding Company of Nigeria, PHCN, and the subsidiary companies unbundled from the utility firm. The preferred bidders of the 10 electricity distribution companies…

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