Optimism grows on oil demand returning 100mbd
Businessam Staff
September 29, 2020
The whiff of optimism being expressed in respectable quarters about chances that oil demand could yet return to the psychological comfortable figure of 100 million barrels per day received another heavyweight support last week with ConocoPhillips joining the fray to issue a forward-looking statement that demand will not only return to that number but that […]
New electricity tariffs: NLC threatens action against Discos, OPS says it will usher in recession fast
Businessam StaffSeptember 2, 2020
Organised labour and the organised private sector have slammed the upward review of electricity tariffs which started on September 1, 2020. Commenting on the matter, the Manufacturers Association of Nigeria said the tariff increase could trigger another round of recession in the third quarter of the year. Ambrose Oruche, the acting director-general, Manufacturing Association of […]
FG-Siemens power deal to gulp $2.3bn out of $6.15bn energy fund – Minister
Businessam StaffAugust 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 […]