Energy, fire, motor top in N4.2bn claims payment by Sovereign Trust in 2018 as firm commits to insured citizens
Adesola Afolabi
January 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 […]
Nigeria’s privatisation agency assures House committee on PSRP capacity to tackle liquidity issues in power sector
Businessam StaffJuly 18, 2018
Nigeria’s privatization agency, the Bureau of Public Enterprises (BPE) has assured the House of Representatives’ committee on Privatisation and Commercialisation on the capacity of the Power Sector Recovery Programme (PSRP) to tackle the lingering liquidity issues in the power sector. “PSRP is robust enough to ensure viability of the power sector and manage the liquidity […]
Nigeria’s state oil company partners Agip oil to increase power supply by 500 megawatts
Businessam StaffMay 23, 2018
The Nigerian National Petroleum Corporation (NNPC) and Nigeria Agip Oil Company Limited (NAOC), in a bid to increase power supply in the country, have pledged to implement the Okpai Phase 2 Project to shore up the current power generation with 500 megawatts, Maikanti Baru, NNPC’s group managing director, made this known when he hosted Fiorillo […]
US energy efficiency sector added 133,000 new jobs in 2017 amidst decline in new solar jobs
Ayobami AdedinniMay 21, 2018
US energy efficiency sector added 133,000 new jobs in 2017 with 67,000 of them created by energy efficiency employers, according to the 2018 US Energy & Employment Report (USEER). This is despite new jobs in solar declining. The report indicated that US energy employed a total of 6.5 million Americans last year, up by 133,000 […]
Nigeria agrees with Russia on first nuclear energy plant by mid 2020s
Businessam StaffMay 18, 2018
Simon Pesco Mallam, the president, chairman and chief executive officer of the Nigeria Atomic Energy Commission (Nigatom), said the country will get its first nuclear energy plant by the mid 2020s. The chairman made the disclosure at the just-concluded 2018 AtomExpo in Sochi, Russia. Mallam said, according to media report seen by businessa.m, that “We […]
Electricity going mini-grid in Africa
Bukola OdufadeApril 16, 2018
A revolutionary way of powering Africa is beginning to emerge as the continent appears focused on fulfilling its energy demand through cost-effective means. Mini and off-grid electrification of rural areas is changing the way Africans are accessing electricity. These solutions are gaining traction as the region, which used to have visions of huge centralized fossil […]