Power Generation Drops by 1000MW as Gas Plants Shutdown

The shutdown of Utorogu and Ughelli East gas plants by the Federal Government will bring about a drastic drop in power supply in some part of the country including Lagos in the next three weeks.

A number of power generating stations including Egbin and Omotosho receives gas from these two shutdown gas plants and this is expected to lead to a drop in power generation by about 1000 megawatts from about 3,674 megawatt at which it was.

According to the Minister of Power, Prof. Chinedu Nebo, the shutdown of the two gas plants was to ensure their proper maintenance.

Power Generation Drops by 10.49%

The daily operational report of the Transmission Company of Nigeria revealed that On Saturday, May 24, 2014, power generation dropped by 10.49% from 4,105MW recorded last month to 3,647MW.

The Egbin gas plant station was said to generate most of the MegaWatts at 550.17MW, followed by Okpai, Afam VI and Delta, with 456.83mw, 387.95MW and 365.63MW respectively.

The Alaoji NIPP, Omoku and Trans Amadi power plants were said to be generating nil megawatt.

Nigeria and Namibia Plan Joint Oil Refinery

Nigeria and Namibia are currently working with a view to constructing a petroleum products’ refinery that will be jointly owned by the two countries.

The decision was contained in a communiqué issued in Windhoek, Namibia, at the end of the visit, which was at the order of President Hifikepunye Pohamba. This was one of the major decisions reached during President Goodluck Jonathan’s recent two-day state visit to Namibia.

FG Urged to Deem Oil Assets Sales to Indigenous Firms to Enhance Listing

Capital markets operators and financial analysts have urged the Federal Government to consider indigenous firms in the sale of oil assets to enhance the nation’s capital market and reduce loss of billions of dollars by the federal government due to non-listing of oil and gas majors on the Nigerian Stock Exchange.

FG Secures N54.5bn for NBET

The Minister of Finance, Dr. Ngozi Okonjo-Iweala, disclosed on Thursday at the headquarters of the NBET in Abuja preceding to a meeting with the board members that the Federal Government has secured additional N54.5bn for the Nigerian Bulk Electricity Trading Plc in a bid to improve the organisation’s power purchase abilities.

According to the government, the fund is in addition to the provision for the bulk trader in the 2014 budget

FG, EU Seal N6bn Sustainable Energy Deal

The Federal Government and European Union have sealed a funding agreement of N6bn to improve access to modern and sustainable energy sources in Nigeria. The Supervising Minister of National Planning, Ambassador Bashir Yuguda, signed on behalf of the Federal Government, while the EU Ambassador to Nigeria, Mr. Michel Arrion, signed for the union.