Minister of Power, Works and Housing, Mr Babatunde Fashola (SAN) has said that the federal government is considering concessioning six hydro dams to private operators under the build, operate and transfer, BOT initiative.
He said the plan is part of government’s resolve to raising power generation and expanding its drive in the renewable energy space. Fashola, who made the disclosure in a keynote address at the 2018 pre-conference workshop of the Nigerian Association of Petroleum Explorationists (NAPE) in Lagos, yesterday, said that the current component of grid power consists mainly of gas-fired power which is 85 per cent and hydropower 15 per cent and that there is the need to produce an energy mix that targets a 30 per cent component of renewable energy out of the gross energy produced by 2030.
He said: ‘‘let me be clear and unequivocal by saying upfront that our commitment as a nation and government to pursue renewable and low carbon energy at low cost is clear, firm and unshaking.’’ The minister said government recently approved an integrated energy mix targets under Electricity Vision 30:30:30 which targets generation of 30 GW in 2030, with 30 per cent from renewable energy sources. The minister said that Africa has trillions standard cubic feet of natural gas reserves, billions of barrels of crude oil reserves and billions of tonnes of coal. He also explained that concessioning of the dams was aimed at energising educational institutions and markets in the country.