NERC ups tariffs to N225/KWh for Band A electricity consumers
Post AMUGE
April 3, 2024
Business a.m. The Nigerian Electricity Regulatory Commission (NERC), with the backing of the federal government, has approved a 245 per cent increase in electricity tariffs for Band A customers. Under the new policy, customers in this category will now pay N225 per kilowatt hour, a significant increase from the previous rate of N66. Musliu Oseni, […]
2023 renewables use sets record
Post AMUGEApril 1, 2024
Travel, vacation spend hits $4trn in 5yrs PHILLIP ISAKPA IN LONDON, UK Two sets of global data just released and seen by Business a.m. show how records are being shattered in the deployment of renewables for power generation that would put smiles on the faces of advocates against the use of fossil fuel; and also […]
Oil edges higher as concerns over supply disruptions mount
Post AMUGEMarch 25, 2024
Business a.m. Tensions between Russia and Ukraine, and in the Middle East, led to a surge in oil prices on Monday, with Brent crude, the international benchmark, up by 1.2 per cent to $86.48 a barrel, while West Texas Intermediate, the U.S. benchmark, was also up by 1.4 per cent to $81.78 a barrel. As […]
NSIA, North-South Power seal agreement to boost Nigeria’s energy transition
Post AMUGEMarch 20, 2024
Cynthia Ezekwe The Nigeria Sovereign Investment Authority (NSIA) has entered into a joint venture with North-South Power (NSP) to establish Shiroro Solar, a groundbreaking 20 megawatt (MW) on-grid solar-hydro hybrid project. The Shiroro Solar project is considered a significant advancement in Nigeria’s journey towards a more sustainable and environmentally friendly energy system. This is as […]
Oil market balance remains uncertain as Russian export volumes rebound
Post AMUGEMarch 19, 2024
Business a.m. Oil prices held steady on Tuesday, hovering near four-month highs reached last week, but gains were capped by the prospect of increased exports from Russia. Reports showed that the market had broken out of its range-bound trading pattern last week, supported by supply outages and dwindling U.S. fuel inventories, but any potential upside […]
At Greenville LNG plant:FG says will develop gas resources to cushion pain of subsidy removal
Post AMUGEMarch 19, 2024
Business a.m. Nigeria is continuing with its push to develop its vast gas resources and the federal government has pledged its support to Rivers State-based Greenville LNG and other producers who are engaged in the development, exploitation and utilisation of gas in the country that would lead to achieving the federal government’s desire in this […]
Nigeria’s power crisis deepens on grid failures, dysfunctional DisCos
Post AMUGEMarch 12, 2024
ONOME AMUGE The power crisis in Nigeria is like a malignant disease, infecting the nation’s economy and causing its citizens untold suffering. Small businesses are especially vulnerable, as they struggle to shoulder the burden of providing their own power, while individuals are faced with daily frustrations and hardships. Every day, across Nigeria, the power situation […]
Tinubu reconstitutes FGN Power Company board
Post AMUGEMarch 8, 2024
Business a.m President Bola Tinubu has approved the reorganisation of the governing board of the Federal Government of Nigeria Power Company (FGN Power), which is responsible for implementing the accelerated performance agreement with Siemens Energy. This latest development comes just four months after the Nigerian and German governments signed the Presidential Power Initiative (PPI) agreement, […]
Tinubu takes executive action on oil and gas reforms
Post AMUGEMarch 6, 2024
Business a.m President Bola Tinubu has approved three new directives for the oil and gas sector aimed at improving the industry’s efficiency and competitiveness. The directives include introducing fiscal incentives for related projects, reducing contracting costs and timelines, and promoting cost efficiency in local content requirements. The development was made known in a statement, titled […]
Post-commissioning: Aba RfA enjoys smooth electricity from Geometric’s 47MW turbine
Post AMUGEMarch 5, 2024
Commercial supply 2-weeks ahead of plan RfA primed for 94MW supply $3bn Ariaria Int’l market benefits Ben Eguzozie Barely a week after the historic commissioning of its $800 million power utility, Geometric Power’s subsidiary, Aba Power Limited (APL), continues to supply uninterrupted commercial electricity to the Aba Ring-fenced Area (RfA), which comprises nine of […]