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Nigeria’s Power Generation Drops By 990MW
The latest data on the electricity generation trend has shown that the available generation capacity in Nigeria’s power sector dropped again in 2022. It crashed from the 6,336.52 megawatts recorded in 2021 to 5,346.82MW last year. Also, the annual capacity payment loss to power generation companies had increased to N1.8 trillion, showing a decrease in…
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Power Firms Owe Banks N861.14bn
According to the Central Bank of Nigeria data, the debt owed to Nigerian banks by operators in the power sector rose by 12.83 per cent in one year to N861.14bn in December 2021. This is coming amidst the lingering problems plaguing the sector since it was privatized over eight years ago. According to figures obtained…
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Power Generation Drops By 19%
Nigeria power generation has dropped by 19.23 percent to 3,089.30 Megawatts during the Easter festivities. This development left most parts of the country without electricity supply for the festive season. According to data from the Independent System Operator (ISO) portal, a semi-autonomous unit at the Transmission Company of Nigeria (TCN), the drop is against the…
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Nigeria To Sell Unused Power To 4 Countries
About four West African countries are in talks with Nigeria to sell unused electricity to them. The electricity would be sold through a planned $570 million Northcore Power Transmission Line. This was disclosed by the acting Managing Director of the Transmission Company of Nigeria (TCN) and Chairman, Executive Board of the West African Power Pool…
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NERC: Gencos Recieved N81.14bn Payment Assurance In 2020
The Nigerian Electricity Regulatory Commission has said power generation companies received N81.14bn as payment assurance from the Nigeria Electricity Bulk Trading Plc in 2020. NERC disclosed this in its latest Key Operational and Financial Data of the Nigerian Electricity Supply Industry: 2019-2020. NBET disburses payment assurance to power generators to enable the Gencos to meet…
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Nigerian Worsening Power Sector Gains Global Recognition
Nigeria’s worsening power sector has beat Democratic Republic of Congo (DRC) to become the country with the highest number of citizens that lack access to power. World Bank Group Practice Manager, West and Central Africa Energy, Ashish Khanna, disclosed this in his presentation during a virtual engagement with power reporters in Abuja on Wednesday, April…
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FEC Approves $26m For Power Projects In Borno, Yobe, Adamawa
The Federal Executive Council has approved about 26million dollars for various power projects in Borno, Yobe and Adamawa states. Minister of Power, Sale Mamman, made this known at the end of the Council meeting, presided over by Vice-President Yemi Osinbajo. He said the $1.62million of the approved amount was the payment of the claims and…
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NBET Owes Power Producers N437.67bn For 2020’s Generation
With a total invoice of N739.68bn, power generation companies were not paid 59.17 percent of the invoice issued in 2020 for the electricity produced and fed into the national grid. The government-owned Nigerian Bulk Electricity Trading Plc buys electricity in bulk from generation companies through Power Purchase Agreements and sells through vesting contracts to the…
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Angola Moves To Secure 60% Electricity Access Rate By 2025
Currently, in Angola, only one-third of the population has access to electricity under good conditions, this is why the government of Angola is seeking to increase access to electricity for its population. The government in Angola is looking to create a 60% electricity access rate by 2025. “The objective is, firstly, the modernization and extension…
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Record-Setting Winter Storm Cuts Off Power Supply In Texas
President Joe Biden has declared a federal emergency as Ice storms, heavy snow and freezing rain knocks out power, closes roads and in southern Texas. Over two million people were left without power supply and 1000 flights cancelled as temperature plummets to -5C in in Houston and Dallas. Rolling power outages were also brought in…