FG-Siemens power deal to gulp $2.3bn out of $6.15bn energy fund – Minister
Businessam Staff
August 27, 2020
The federal government is to spend the sum of $2.3 billion on its power deal with Siemens, a german electrical firm, for the improvement of electricity in the country. Sale Mamman, minister of power, who stated this said another $1.6bn was for the transmission rehabilitation and expansion Programme. The misterrecently marked his one year anniversary […]
Nigeria records landmark power transmission of 5,420.3MW
Businesssam StaffAugust 20, 2020
The Nigerian power industry recorded a landmark national peak of 5,420.30 megawatts, the first of its kind in the country. According to the Transmission Company of Nigeria, in a statement on Thursday, the 5,420.3MW was effectively transmitted through the national grid at a frequency of 50.10Hz at 9:15 pm on August 18, 2020. “This is […]
Nigeria could learn lessons on clean energy, grid sustenance from Egypt’s 390 MW Benban solar plant
Ben EguzozieOctober 30, 2019
…plant contributes to avoiding 350,000 tonnes of CO2 emissions per year Egypt last weekend announced the completion of its 390 MW Benban solar plant near Aswan in Upper Egypt, with all plants now connected to the north African country’s grid and have started commercial operations. The six plants developed as part of the project are […]
DisCos, TCN mismatch causing low electricity suppy- NERC
Bukola OdufadeFebruary 20, 2019
The Nigerian Electricity Commission (NERC) has revealed there is a divergence between generated capacity and transmitted and distributed capacity. NERC blamed both the Nigerian electricity distribution companies (DisCos) and Transmission Company of Nigeria (TCN) as being the weak links in the Nigerian electricity supply chain, saying they are to be blamed for the electricity crisis […]
Eskom gets $4.9bn bailout in South Africa’s budget
Businessam StaffFebruary 20, 2019
Eskom Holding SOC Ltd., the distressed utility that supplies 95 percent of South Africa’s power, will receive the biggest bailout in the nation’s history after the government stepped in to prevent its collapse. Eskom will get a 69 billion rand ($4.9 billion) cash injection over the next three years to help service its debt and […]
Energy, fire, motor top in N4.2bn claims payment by Sovereign Trust in 2018 as firm commits to insured citizens
Adesola AfolabiJanuary 31, 2019
Sovereign Trust Insurance Plc has stated its resolve to enhance claims settlement of insured policy holders. This is as the company announced that it made payment on claims totalling N4.243 billion to various insured spread across the country in 2018. The claims made were 223 percent higher than claims expense incurred in 2017 which […]
Unsubsidised solar, onshore wind energy now cheapest forms of energy generation – BNEF
Bukola OdufadeNovember 27, 2018
Unsubsidised solar and onshore wind energy are now the most cost effective source of new bulk power in all major economies except Japan, thanks to falling technology costs. According to a new report by Bloomberg New Energy Finance, which examined the levelised cost of electricity worldwide, solar and/or onshore wind are now the cheapest and […]
Experts say mini-grids, powered by renewable, can move Nigerians from poverty
Bukola OdufadeSeptember 24, 2018
The conversation around mini-grids powered by renewable energy has been unceasing in Nigeria as the industry stakeholders continue to express optimism about the scalability of this alternative energy system, and as a result, this relentless push for mini grids is gaining traction as the sector continues to grow and expand. In Nigeria, energy access and […]
Iran opens 61MW wind farm as it looks to renewables to meet electricity demand
Bukola OdufadeAugust 28, 2018
Iran has opened its largest wind farm as it hopes to procure electricity from renewable sources such as wind, solar and hydro it has emerged. The 18 turbine wind farm in Tarom county in northern Iran has a generating capacity of 61 megawatts (MW) hours of power annually and cost 86 million euros, the country’s […]
Result based financing to drive mini-grid growth in Africa
Bukola OdufadeAugust 20, 2018
African Development Bank (AfDB) in an attempt to drive the growth of mini-grids is developing a continent wide results based financing (RBF) facility, African Mini-grid Developers Association (AMDA) has said. Results based financing (RBF) is not a relatively new type of financing but is now considered as highly effective. A key feature of the financing […]