He told The Nation that the company met 972 megawatts on ground, but discovered that there is only 300 megawatts capacity.
He said the company has enough gas to run its plant, despite that the product poses a problem to the growth of the industry.
“Though gas in an issue in the industry, it is not a general concern across all the power generation companies (GENCOs). What we have done in Ughelli Power Company is to look at the gas in place and see how far we can go. Based on our business model, we have enough gas to run 400 mega- watts. We have excellent personnel at the plant. I’m talking about existing resources in addition to support from international organisations. We are putting the right resources in place to foster the growth of the company,’’ he said.
Fadeyibi said the company has a rehabilitation plan, adding that it is committed to the transformation of the sector. He said this is the time to invest in power because there is market for it.
“We have to give the market a credit. We have a national bulk trader ( the Nigerian Bulk Electricity Trading Plc (NBET). It is a party that sits between us and the Nigerian Electricity Regulatory Commission (NERC). We have a suitable market in place to operate,’’ he added.
Similarly, the Chairman, National Electricity Regulatory Commission, Dr. Sam Amadi, said the coming of the 14 power generation and distribution companies would help in developing the sector. He said the firms would help in improving power supply and boosting socio-economic activities.