Tag: GENCOs

FG moves to avert power sector collapse as Tinubu plans meeting with GenCos over N4tn debt

Emporium Reporters

The Federal Government is taking urgent steps to prevent a collapse of Nigeria’s power sector, with President Bola Ahmed Tinubu set to meet with the leadership of power generating companies (GenCos) over a mounting debt of over N4 trillion.   The planned presidential intervention followed a high-level meeting in Abuja between the Minister of Power, Chief Adebayo Adelabu, and the chairmen of GenCos, amid escalating concerns about the potential collapse of the national grid due to severe liquidity challenges.   In a statement released on Sunday by Bolaji Tunji, Special…

Shouldn’t We Sell The Power Grid For A Penny? By Kazeem Akintunde

Emporium Reporters

Electricity generation, transmission and distribution has now become rocket science for us in Nigeria. This is because in spite of billions of Naira spent on the power sector in the last two decades, we are still generating darkness and distributing misery to households and businesses. Just last week, the National Power grid collapsed thrice.   The first collapse was recorded at exactly 6.58 pm, when power generation dropped to zero megawatts, throwing homes and businesses into complete darkness. Few hours later, the grid came up and some parts of the…

NERC grants MTN, SweetCo, others license to generate electricity

Emporium Reporters

The Nigerian Electricity Regulatory Commission (NERC) has granted permits to Golden Penny Power Limited, MTN Communications Nigeria Limited, Havenhill Synergy, and several other companies for the generation of electricity through mini-grid systems.   In the first quarter of 2024, NERC issued nine new off-grid generation licenses with a combined capacity of 109.69 megawatts and three new trading licenses.   According to the commission’s report, Golden Penny Power Limited was authorized to construct six off-grid gas plants in Lagos, Oyo, Ogun, and Cross River states, with a total generation capacity of…

Senate calls for review of Power Sector Reform Act

Emporium Reporters

The Senate on Wednesday called for the review of the Power Sector Reform Act 2005. According to the upper chamber, a new and more dynamic Electricity Act would among others, “consolidate the roles of regulators and policy makers; bridge existing gaps in the legal and regulatory framework; and cater to post-privatization operational issues in Nigeria’s power sector. The position of the Senate was contained in resolutions reached following consideration of the report of the Senate Committee on Power on “Addressing Nigeria’s Power Problems.” Chairman of the Committee, Gabriel Suswam (PDP…