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BUSINESS

Drama as outage disrupts power minister’s speech at N’Assembly

Drama played out on Monday when power supply was seized as the Minister of Power, Adebayo Adelabu, was speaking at the National Assembly. Adelabu was fielding questions from senators at the investigative hearing on “the need to halt the increase in the price of electricity” organised by the Senate Committee on Power. Power was, thereafter, restored in less than five minutes. Speaking about the power interruption, the Chairman of the […]

todayApril 30, 2024 16

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BUSINESS

Grid collapse: FG deploys technology to detect sudden power drop

In a bid to address the recurrent collapse of Nigeria’s power grid, the Federal Government has deployed a new technology to detect and respond to sudden drops or dips in power generation across the country. It announced this through the Transmission Company of Nigeria on Wednesday, stating that the new Generation Dip/Loss Detection System would advance TCN’s grid management capabilities.

todayApril 18, 2024 12

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NEWS

12 states plan power projects, anger spreads over tariff hike

Lagos, Kano, and 10 other states have concluded plans to start generating power in their respective states in conformity with the Electricity Act 2023. it was gathered on Thursday that some of these states had established their electricity market laws and were waiting for the approval of the Nigerian Electricity Regulatory Commission to have independent regulatory bodies different from the NERC owned by the Federal Government. As the states stepped […]

todayApril 5, 2024 22

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NEWS

Power generation crashes to 59MW after fresh grid collapse

Power generation on the national grid crashed to 59.9 megawatts around 12 pm on Sunday as the country’s grid witnessed a nationwide collapse. Data obtained from the Federal Ministry of Power showed that electricity generation on the grid plunged from 2,658.75MW at 11 am to 59.9MW by 12 noon on Sunday, as power distributors lost supply from the grid. This led to widespread blackouts across the country, as power distribution […]

todayFebruary 5, 2024 17

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BUSINESS

FG to sell five power plants for $1bn

The Federal Government through the Bureau of Public Enterprises is currently carrying out transactions for the sale of five power plants under the National Integrated Power Projects at a cost of about $1.15bn, it was gathered on Tuesday. Although sources familiar with the development explained that the cost of the plants should exceed $5bn based on international benchmark, they revealed that the BPE was planning to sell the facilities at […]

todayJanuary 24, 2024 37

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BUSINESS

Power sector gas debt hits $1bn, says NGA

A new gas pricing template for the power sector and gas-based industries has been developed and currently awaits the approval of President Bola Tinubu, the Nigerian Midstream, and Downstream Petroleum Regulatory Authority announced on Wednesday. It was also revealed that the legacy gas debts of the power sector to gas suppliers in Nigeria had risen to about $1bn, as efforts were ongoing to finalise the figures and find a comfortable […]

todayJuly 13, 2023 8

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