Source: https://energynewsafrica.com Ghana: GOIL Introduces Super XP Ron 91 To Give Consumers Choices
Ghana’s indigenous leading oil marketing company, GOIL, has introduced Super XP Ron 91, a regular and affordable petroleum product for its esteemed customers.
The newly introduced Super XP Ron 91 will be served across the company’s over 400 stations in the West African nation effective Saturday, May 4, 2024.
A litre of Super XP Ron 91 would be sold at Gh¢14.40, a bit lower compared to same product being sold by GOIL’s competitors.
With the introduction of Super XP Ron 91, which is one of the high quality and affordable fuel commodity, GOIL has now offered three products at its service stations, namely Super XP Ron 91, Super XP Ron 95 and Diesel XP.
The Super XP Ron 95 will now be a premium fuel and consumers can choose from either Super XP Ron 95 or Ron 91 depending on their preference.
In a statement issued by Corporate Affairs Department of GOIL sighted by energynergynewsafrica.com, it said, “we are excited to officially announce the launch of GOIL Super XP, the latest addition to our lineup quality fuels, giving you even more choices at our pumps.”
“What sets GOIL Super XP apart is that it is a regular fuel, categorized as RON 91 and upgraded with special additives to enhance fuel efficiency and engine performance thereby reducing fuel consumption, the company explained.
Source: https://energynewsafrica.com
Source: https://energynewsafrica.com Ghana: New GNPC CEO Assumes Office
The newly appointed Chief Executive Officer (CEO) of the Ghana National Petroleum Corporation (GNPC), Mr Joseph Abuabu Dadzie, has assumed office, a release from the corporation has said.
Mr Dadzie was the Deputy CEO responsible for Commerce, Strategy and Business Development of the corporation and was due for retirement in August 2024 but sought early retirement late last year.
He was, however, appointed by President Akufo-Addo in April after the resignation of Opoku Ahweneeh Danquah, the immediate past CEO of the corporation.
Mr Dadzie has over 30 years’ experience in the oil and gas industry.
In a short statement announcing Mr Dadzie’s assumption of office, the corporation wrote: “We’re pleased to announce the appointment of Mr Joseph Abuabu Dadzie as our new Chief Executive Officer to lead our future.
“We extend our warmest congratulations and welcome to our new leader.”
Mr Dadzie is an accomplished Financial and Management Executive with over 30 years of experience at various executive and senior management levels in five organisations spanning energy, oil and gas, telecommunications and banking.
He has had diverse industry experience in finance, corporate management, governance, strategic planning, and leadership.
Between April 2013 and August 2015, he was the chief operating/finance officer for Surfline Communications Limited.
From September 2008 to March 2013, he was also the chief finance officer for Woodfields Energy Resources.
From 2003 to 2008, he worked with Standard Chartered Bank as a senior manager (financial institutions); head, Large Corporates & Parastatals, and later director of commodity corporations.
Mr Dadzie has served as a member of the Board of Directors of four institutions in the areas of banking, energy, and financial services.
His international exposure includes working attachments with Codi International BV (Netherlands), New York Mercantile Exchange (NYMEX), Societe Generale (Paris la Defense), Total Petroleum Services (London and Paris la Defense), and the UBS Trading floor (Stamford Connecticut, USA).
Mr Dadzie holds a Master’s degree in Business Administration (Finance) as well as a Master of Science degree in General Management, both from Nyenrode Business Universiteit, Breukelen, The Netherlands.
He also holds a Bachelor of Science (Hons) in Chemical Engineering from the Kwame Nkrumah University of Science & Technology.
Source: https://energynewsafrica.com
Globeleq Appoints New Chief Executive Officer
Globeleq, the leading independent power company in Africa has announced the appointment of Mr. Jonathan Hoffman as the interim Chief Executive Officer (CEO) of Globeleq.
He is currently the Chief Development Officer of Globeleq.
Jonathan replaces Mike Scholey who will be stepping down from Globeleq at the end of June 2024. Mike is taking up a new role with an entrepreneurial venture and full details of this appointment will be announced at a later date.
Jonathan Hoffman joined Globeleq in 2010 and has been Chief Development Officer since 2020.
He has led the development and investment team as they have secured deals and new investments across Africa including, most recently, the award of Red Sands, the largest standalone battery storage project on the continent.
Jonathan has over 20 years of experience in the power sector having worked previously for ABB Energy Ventures and for InfraCo which he co-founded.
Mike Scholey has been CEO of Globeleq since January 2020 having previously been the Group’s Chief Operating Officer and Chief Financial Officer. During his time at Globeleq, Mike has been instrumental in sealing multiple deals, growing Globeleq by over 900MW, as well as improving performance at our operating assets across Africa.
Laurence Mulliez, Chair of Globeleq, said today: “Mike has been a vital part of Globeleq’s success over the past 9 years as a senior leader and as CEO for the past 4 and a half years. He led the company through the challenges of the Covid pandemic but also took the company into new technologies, new countries and continued to build Globeleq’s reputation in Africa.
Through Mike’s leadership, Globeleq now has a portfolio of assets producing 1,800 MW of power across Africa with a further 500 MW under construction and an exciting pipeline of growth opportunities across the continent. I am pleased that Mike has agreed to chair Globeleq’s Investment Committee over the coming months to provide continuity during this interim period.
“I am very pleased that Jonathan has agreed to become interim CEO of Globeleq. His appointment provides the business with important continuity over the coming months while the Board and shareholders consider a permanent replacement for Mike. Jonathan has 14 years of experience at Globeleq where he has originated and delivered investments and built teams that have created substantial value for the Group. With the Group performing well and myriad opportunities for growth, I am certain that Globeleq will thrive under Jonathan’s leadership.”
Nick O’Donohoe, Chief Executive of British International Investment, also commented: “Mike leaves Globeleq with our very best wishes and thanks for nine years of hard work. Mike joined Globeleq as BII became direct investors and he has been a critical part of the Group’s evolution into Africa’s leading Independent Power Producer. All of us at BII know Jonathan very well after his many successful years with Globeleq and the part he has played in the group’s growth. We look forward to working with him as interim CEO of Globeleq.”
Tellef Thorleifsson, CEO of Norfund, added: “Globeleq is a key part of the Norfund portfolio, and we thank Mike for his stewardship of this important investment over the past nine years. We know Jonathan well and wish him all good fortune as he steps up to become interim CEO.”
Source: https://energynewsafrica.com
Ghana: Rainstorm Causes Power Outage In Parts Of Accra–ECG
The Electricity Company of Ghana (ECG) has attributed power interruptions in parts of Accra, the capital of Ghana, to a rainstorm in Greater Accra on Wednesday that flooded some of its primary substations.
The rainstorm affected the H-Dzorwulu, Burma Camp I, Station D-Avenor, High Street AH, La Trade AJ, Lakeside Estate and Gbawe, all primary substations of the company.
A statement issued by William Boateng, Director of Communications for ECG, said the power distribution company and Ghana Fire Service are working together to drain all flooded primary substations to ensure swift restoration of power supply.
“We wish to assure our cherished customers and all stakeholders of our commitment to ensuring a stable power supply, and apologise unreservedly for the effect of the outage on our daily lives,” Mr Boateng said.
Source: https://energynewsafrica.com
Source: https://energynewsafrica.com Ghana: May Day: Ghanaian Workers Charge President Akufo-Addo To Fix Erratic Power Supply
Ghanaian workers used International Workers’ Day known globally as May Day to call on President Akufo-Addo to ensure that the erratic power supply in the country is resolved as soon as possible.
The Secretary General of the Trades Union Congress, the umbrella body of Ghanaian workers, described the resurfacing of the power crisis experienced some years ago in the country as regrettable.
“Regrettably, people have to experience ‘dumsor’ again. Please do something about the ‘dumsor’ now,” Dr Yaw Baah said in an address to mark this year’s May Day celebration at the Black Star Square in Accra, the capital of Ghana.
Addressing the workers at the same event, President Akufo-Addo observed that the power challenges being experienced across the country are being resolved.
He said the power situation has improved, following the completion of the maintenance works on the transformers of the Electricity Company of Ghana (ECG).
President Akufo-Addo assured the people of Ghana that they would not experience the erratic power supply (dumsor) again.
“Issues surrounding the maintenance of the transformers have been resolved. Indeed, we have witnessed a stable power supply across the country with no load shedding reported anywhere yesterday…I am confident that the unfortunate era of dumsor will not return,” he said
Source: https://energynewsafrica.com
AOW 2024 Marks 30 Years Of Driving African Energy Investment
Africa Oil Week (AOW) 2024, Africa’s leading upstream and energy event, has entered an exciting new phase of its long history driving innovation, collaboration, and facilitating deals that shape Africa’s energy future.
Set to run from 7—10 October 2024, at the Cape Town International Convention Centre CTICC), AOW comes at a critical time, as the world navigates a complex energy transition.
As a key forum for supporting this transition in a way that meets the unique needs of Africa’s people, AOW is geared to helping the continent meet its growing energy needs, stimulating socio-economic development, and ensuring Africa retains control of its own natural resources.
With the event marking its 30th year of existence, this year will see AOW reinvigorate its unmatched government-access opportunities, bringing together dozens of government representatives, energy policymakers, industry leaders from across the international oil-and-gas sector, financiers and dealmakers, to find new ways to meet Africa’s energy and development needs.
To ensure AOW 2024 retains real-time industry relevance, this year sees the introduction of a sector-leading Executive Board and Advisory sub-Committees of diverse and influential African energy change-makers.
“Since 1994, we have proudly supported Africa’s right to develop its oil and gas sector through strong, sustainable carbon-management strategies,” says Yemi Ibidunni, AOW Event Director.
“This year, we’re also putting government needs at the heart of our event, by investing in high-touch government-led programmes.”
The main themes of this year’s event will be Equitable Development of the Upstream; Expansion of Gas Value Chains, the Integration of New Energies; Adoption of Best-in-Class Technologies; and Access to Finance.
The AOW community has long been driven by dealmaking and gaining access to top financiers and investors on the continent. As the continent seeks to secure billions of dollars for oil, gas, renewables and power infrastructure, AOW will explore the various options and opportunities of diversifying Africa’s funding for energy projects.
AOW 2024 is endorsed by The African Energy Commission (AFREC, part of the African Union), the Department of Mineral Resources and Energy South Africa (DMRE) and Lean in Equity & Sustainability.
“We’re excited to partner with organisations that have shared ambitions to put Africa’s energy investment and development needs at the forefront of global energy priorities,” adds Yemi Ibidunni.
“We remain committed to creating sustainable and realistic opportunities for African energy, as the global platform for deals and transactions.”
The cross-disciplinary Executive Board is made up by Upstream Director for ENI Luca Vignati; Advisory Board Chair for Lean in Equity & Sustainability Lamé Verre; Managing Director of Equinor Tanzania Unni Fjaer; Managing Director of Central, East and Southern Africa at SLB Miguel Baptista and Chief Executive Officer Pecan Energies, Kadijah Amoah.
“We are delighted to announce our partnership with AOW in commemorating three decades of investment in African Energy. Through this collaboration, we aim to synergise our efforts towards advancing the sustainable development of Africa’s energy resources,” says Rashid Ali Abdallah, Executive Director of AFREC.
“Our shared focus includes promoting the adoption of renewable energy and facilitating the commercialisation of oil and gas to foster positive socioeconomic outcomes and universal energy access.”
He adds, “we are also happy to take a leading role in shaping the discussions at the AOW:50 Government and Leaders Programme, where we intend to establish concrete actions that stimulate further investment in African energy. We invite you to join us this October as we celebrate the remarkable milestone of 30 years of AOW, marking our collective commitment to the future African energy”.
AOW 2024 runs from 7—10 October at the Cape Town International Conference Centre. It is the premier global platform for sharing industry developments and stimulating transactions across the African oil-and-gas upstream, bringing together governments, national and international oil companies, independents, investors, the geological-and geophysical community, and service providers.
Source: Africa Oil Week
Nigeria: Fuel Queues Will Begin To Disappear From Wednesday–NNPCL Assures Nigerians
Nigeria’s National Oil Company (NNPC) Limited has assured Nigerians that the ongoing fuel shortages that have resulted in long queues in the West African nation will begin to disappear from today, Wednesday, May 1, 2024.
Olufemi Soneye, Chief Communications Officer, NNPCL, told the News Agency of Nigeria on Tuesday in Lagos.
According to NNPC Limited, they currently have products exceeding 1.5 billion liters, which can last for, at least, 30 days.
Chief Communications Officer of NNPC Limited, Mr Olufemi Soneye, revealed this as reported by News Agency of Nigeria.
“Unfortunately, we experienced a three-day disruption in distribution due to logistical issues, which has since been resolved.
“However, as you know, overcoming such disruptions typically requires double the amount of time to return to normal operations,” he said.
He said: “Some folks are taking advantage of this situation to maximize profits.
“Thankfully, product scarcity has been minimal lately, but these folks might be exploiting the situation for unwarranted gain.
“The lines will be cleared out between today and tomorrow,” Mr. Soneye assured.
Similarly, Hammed Fashola, the National Vice President of the Independent Petroleum Marketers Association of Nigeria, IPMAN, expressed hope that the queues in Lagos and Ogun would ease off this week, relying on the words of the NNPCL.
Mr Fashola, however, stated that the queues in Abuja might tarry a bit due to the distance to Lagos.
“The information available to us from the NNPCL was that there was a logistics problem, and when that happens, it will disrupt the supply chain.
“That might be a delay in the movement of ships from the mother vessel to the daughter vessel before it gets to the depot tanks.
“Before we can correct that, surely it will take some days. I think by Tuesday or Wednesday, there will be more products available for lifti¹ng by marketers.
“It might take time before it can ease off in Abuja, considering the distance to Lagos and the bad roads; Lagos might be calm this new week,” Mr Fashola assured.
Source: https://energynewsafrica.com
South Africa: Eskom Pulls Services From Cape Town Suburb After Attack On Employees
South Africa power utility Eskom has withdrawn from Site B in Khayelitsha, Cape Town, after staff members were attacked on Monday, leaving one employee severely injured.
According to a report by News24.com, the power utility had temporarily suspended its operations in the X and XA sections of Site B following the incident.
In a statement, Eskom said two of its staff members were assaulted by “individuals from the community”.
The attackers also allegedly took the staff members’ vehicle keys, which prevented them from completing their work.
“One of the employees sustained severe injuries and is currently receiving medical attention. During the incident, an Eskom enterprise digital assistant (a specialised mobile computing device) was also taken along with the keys, however, only the vehicle keys have been recovered,” the utility said.
The temporary suspension of services is likely to delay electricity restoration efforts, and customers may experience prolonged periods without electricity.
“Eskom will be working closely with local authorities while reviewing the incident before deciding when staff may re-enter the area to resume operations. Eskom strongly condemns the harassment of its employees, and their safety will always remain our highest priority,” the statement said.
This is not the first time the power utility has withdrawn services from an area due to violence toward its employees.
In August 2023, Eskom suspended its services in Khayelitsha, Delft, Belhar, Dunoon, Philippi and Fisantekraal after a vehicle was petrol-bombed during an ongoing taxi strike.
Source: https://energynewsafrica.com
Nigeria: NERC Deregulates Meter Prices Under MAP Scheme
The Nigerian government has announced the deregulation of electricity meter prices under the Meter Asset Provider (MAP) scheme effective May 1, 2024.
The Nigerian Electricity Regulatory Commission (NERC) said this on Monday in a circular jointly signed by the commission’s Chairman, Sanusi Garba, and its Commissioner, Legal, Licencing and Compliance, Dafe Akpeneye.
The new order, according to the commission, shall be determined through a competitive bidding process with customers provided with a choice of authorised vendors.
Last September, the Nigerian government approved an upward review in the prices of pre-paid electricity meters in the country.
The price of the single-phase meter (4G, bright) was increased to N81,975.16 from N58,661.6, while the price of a Three-phase meter (4G, smart) was raised from N109,684.36 to N143,836.10.
But in its circular on Monday, NERC said Meter Asset Providers (MAPs) and the Local Meter Manufacturer/Assembler (LMMAs) have requested a further review of meter prices in consideration of significant changes in the NGN/USD foreign exchange rate and inflation rate since the last price review in September 2023.
The substantial changes in these macroeconomic variables have constrained their ability to supply meters at the approved regulated price.
It said the commission had noted the need for the efficient pricing of meters to respond more quickly to changes in macroeconomic parameters, particularly exchange rates.
“The commission has further taken cognisance of the constraints/challenges faced by MAPs and LMMAs and therefore approved the deregulation of prices of meters deployed under the MAP scheme with effect from 1 May 2024.
“The cost of prices of meters deployed under the MAP scheme is hereby deregulated to enable end-use customers to acquire meters from MAPs of their choice based on competitive open market prices determined from transparent bidding frameworks,” the circular read.
The commission explained that all MAP permit holders are henceforth eligible to provide services and transact for the provision of meters and metering services with any DisCo in the Federal Republic of Nigeria with their existing permit.
It said the lifting of the restriction on permitting to operate in all DisCos is subject to the mandatory requirement for MAPs to comply with the associated DisCo-specific requirements/specifications.
“All DisCos shall ensure the effective and seamless integration of smart meters deployed by MAPs with the DisCo’s head-end and meter data management systems.
“All DisCos shall provide a publicly accessible online portal on their website where prospective MAPs can view the DisCo’s technical specifications and commercial terms for participation as a MAP within its network area,” it said.
It noted that all DisCos are required to conduct a thorough test and confirm specifications for new meters proposed by a prospective MAP.
They conclude no later than 20 working days from the date the proposed MAP fulfils all the requirements specified on the online portal to participate within its network area.
Where a meter fails the confirmation test, it said, the DisCo shall immediately notify the MAP stating the points of failure.
It added that meters to be deployed under the MAP scheme may include other types of meters, including basic electronic meters, Internet of Things (loT) meters, DIN Rail meters and Current Limiters, but subject to full compliance with the Nigerian Electricity Supply Industry (NESI) Metering Code and the requirements/specifications of DisCos.
“The type of meter applicable to a customer under the MAP scheme shall be at the discretion of the DisCo regarding the customer’s energy consumption profile.
“The pricing of meters under the MAP scheme is hereby deregulated but subject to open, transparent competition amongst MAP permit holders.
The commission shall, in the interim, manage the process of submitting price offers valid for one month (or as may be determined by the Commission) for meters deployed under the MAP scheme to engender transparency and competition.
“This order is issued without prejudice to existing obligations and commitment of DisCo to existing MAPs,” it said
Source: https:// energynewsafrica.com
South Africa: Petrol Price To Increase In May
South Africans will have to reach deeper into their pockets this coming month as the price of petrol is expected to increase from Wednesday.
The price of both grades of petrol (93 ULP and LRP) and (95 ULP and LRP) is set to increase by 37 cents a litre.
This means that a litre of 95 petrol, which currently costs R25.12 in Gauteng, will now cost R25.49 cents a litre as of Wednesday.
Other consumers will breathe a slight sigh of relief as the prices of both grades of diesel, paraffin and LP Gas are expected to decrease.
The price adjustments were announced by the Department of Mineral Resources and Energy (DMRE).
The adjusted prices are as follows:
Petrol (93 ULP and LRP): 37 cents increase.
Petrol (95 ULP and LRP): 37 cents increase.
Diesel (0.05% sulphur): 30 cents decrease.
Diesel (0.005% sulphur): 36 cents decrease.
Illuminating Paraffin (wholesale): 19 cents decrease.
Single Maximum National Retail Price for illuminating paraffin: 25 cents decrease.
Maximum LP Gas Retail Price: 46 cents decrease.
The department explained the adjustments in prices in a statement on Monday.
“The average brent crude oil price increased from 84.22 US Dollars (USD) to 88.10 USD per barrel, during the period under review.
“There was a lot of volatility in the market during this period. The main contributing factor is the growing geopolitical tensions in the Middle East and sustained production cuts by OPEC+ Organization of the Petroleum Exporting Countries countries.
“The average international product prices of petrol increased following the higher brent crude oil prices and anticipated demand for the driving season during the period under review.
The diesel, illuminating paraffin and LP Gas prices decreased on average due to seasonal changes and reduced demand in the Northern Hemispheres as they move away from their winter season.
“The movement in product prices has led to a lower contribution to the basic fuel price (BFP) of petrol by 34.41 cents a litre and higher contributions to the BFP of diesel by 39.33 cents a litre and illuminating paraffin by 22.35 cents per litre,” the DMRE said.
A weakening Rand was also a contributing factor.
“The Rand depreciated, on average, against the US Dollar [from 18.04 to 18.90 Rand per USD during the period under review when compared to the previous one.
This led to higher contributions to the basic fuel prices of all products by about 2.50 cents per litre on all products,” the department said
Source: https://energynewsafrica.com
Ukraine Asks Europe To Help Protect Gas Storage Sites From Russian Strikes
The head of Ukraine’s state energy company has appealed to the European Union to help protect gas storage sites from Russian strikes.
“It is of interest of the EU to protect storage, transportation and production facilities”, Oleksiy Chernyshov, chief executive of Naftogaz, told the Financial Times.
Europe has been storing natural gas in the Ukraine after its own capacity filled up amid depressed demand.
Russia, for its part, has been focusing its attacks on energy infrastructure, including gas storage sites.
“Ukraine is playing a key role for central and eastern Europe’s security of gas supply this winter,” Natasha Fielding, Argus Media’s head of European gas pricing, told the FT In January.
European demand has been subdued in recent months due to slowing economic activity, but Europe still needs a lot of natural gas for space heating and power generation, hence the demand for Ukrainian storage space.
“Technologically, we’re all fit, and we have managed to repair the [damaged surface] equipment and we fulfill our obligations to our customers,” Naftogaz’ Chernyshov told the Financial Times.
Apparently, this is not enough to make sure the storage sites remain functional, so Chernyshov made the case for more air defense systems.
The protection of energy assets requires “a very high number” of air defense systems, he said, adding that “We might remain in a position where we would still need more air defense” and that “EU countries, of course, should play a crucial role in that assistance.”
Besides gas storage, Ukraine is still a major conduit for Russia’s pipeline gas to Europe, which Chernyshov also noted.
“The reason why Naftogaz has continued with this transit deal even amid the war with Russia is to satisfy the EU’s gas needs and to remain as a reliable partner to the bloc,” he said.
The call from Naftogaz’s chief executive comes after the U.S. Congress approved another $61 billion in military aid for the Ukrainian government last week.
Source: Oilprice.com
Sierra Leone: Staying In Office While Freetown, Others Were Without Electricity Was Embarrassing To Me – Former Energy Minister
Sierra Leone’s immediate past Energy Minister Alhaji Kanja Sesay has said remaining in office while Sierra Leoneans, especially those in Freetown, the capital, were without power for days was an embarrassment to him, hence his decision to resign from his position.
“It was so embarrassing to me that for 10 days there was no power in Freetown because Karpowership had shut down,” Alhaji Kanja Sesay told Michael Creg Afful, Editor of energynewsafrica.com via telephone.
The Turkish power company – Karpowership – has been supplying power to Freetown, capital of Sierra Leone.
However, Alhaji Kanja Sesay said his country was not prompt in payment, resulting in an accumulated debt of about US$ 48million owed the company.
He said the last time his country paid part of the debt owed Karpowership was in July 2023.
The unpaid bills somehow affected the company’s operations, forcing it to pull the plugs which threw Freetown and other areas into darkness for days.
Last Friday, the sector minister, Alhaji Kanja Sesay, tendered his resignation letter to the President due to the power situation.
Alhaji Kanja Sesay told this portal that the decision of Karpowership brought a lot of pressure on him and businesses, for which reason he decided to step down so that someone else could take over.
Asked whether he resigned because there was pressure from the government or the citizens, Alhaji Kanja Sesay responded negatively.
He said, “I resigned of my own volition because the situation was getting to much.”
“The power situation was affecting lives and businesses and people were complaining,” he added.
Asked whether he was surprised that the government paid $17million to Karpowership few hours after he had resigned, Alhaji Kanja Sesay could not give a definite answer but laughed.
Continuing, he said he read a story that said Ghana owed independent power producers which include Karpowership about US$1.8billion and wondered why they acted badly in Sierra Leone.
Mr Sesay served as the Energy Minister for six years and was regarded as one of President Bio’s finest ministers during his first term in office.
Source: https://energynewsafrica.com
Nigeria: Federal Gov’t Requires $10bn To Revive Power Sector
Nigeria’s will require about 10 billion dollars investment yearly, to revive the power sector for the next 10 years, Minister for Power, Adebayo Adelabu has said.
“For this sector to be revived, government needs to spend nothing less than 10 billion dollars annually in the next 10 years.
”This is because of the Infrastructure requirement for the stability of the sector, but government cannot afford that.
“And so we must make this sector attractive to investors and to lenders.
“So for us to attract investors, and investment, we must make the sector attractive, and the only way it can be made attractive is that there must be commercial pricing,” Chief Adebayo Adelabu said.
The Minister was speaking in Abuja on Monday, at a one day investigative hearing on halting the electricity tariff increase by the Nigerian Electricity Regulatory Commission (NERC) organised by the Senate Committee on Power.
He added: “If the value is still at N66 and government is not paying subsidy, the investors will not come.
“But now that we have increased tariff for a Band, there are interest been shown by investors.”
The minister said the major challenge in the sector was absence of liquidity, saying that the sector had been operating on a subsidised tariff regime, given the absence of a cost reflective tariff.
He said that the subsidy had not be funded over the years as huge liabilities was being owed the Generating Companies ( GenCos) and the Gas Companies.
Mr Adelabu said the inability of the government to pay the outstanding N2.9 trillion subsidy was due to limited resources, hence the need to evolve measures to sustain the sector.
He appealed to the lawmakers to support the process of paying the debt owed operators across the value chain of generation, transmission and distribution.
“The increase is based on supply, saying that any customer that do not received 20 hours power supply will not be made to pay the new tariff,” he said.
He said the government was committed to ensuring sustainable reform in the sector, saying that there was need to clear the outstanding debt owed GenCos and Gas companies.
To improve power supply, he said government was investing in hydroelectric power, adding that construction of 700 megawatt power in Zungeru had commenced, while Kashimbila Hydroelectric power plant of 40 megawatt was awaiting evacuation to improve generation.
The minister said there was also an ongoing investment of 26 small hydropower dams to boost electricity production across the country.
However, members of the committee in their separate remarks decried the experiences of Nigerians on electricity supply over the years, despite the unbundling of the sector.
Sen. Lola Ashiru, the Vice-Chairman of the committee said Nigerians were paying for inefficiency of power sector operators.
Ashiru said there was a lot of inefficiency across the value chain of generation, transmission and distribution.
Source: https://energynewsafrica.com
Ghana: Fuel Tanker Explodes On Accra-Kumasi Highway
A fuel tanker with registration number GS 5343-18 exploded on the Kumasi-Accra highway on Monday, April 29, in the morning.
The Ghana National Fire Service (GNFS) which disclosed this on its official Facebook page said the Suhum Fire Station, which is under the leadership of STNO II Darwah Prince Ofobi, received a distress call and quickly responded.
The GNFS said firefighters were able to bring the situation under control within minutes, and they extinguished the fire entirely shortly after.
According to the GNFS, although the head of the Man Diesel Truck got damaged, the timely intervention of personnel of the service saved the situation.
It was not clear whether the tanker was carrying petroleum products.
The cause of the explosion is currently under investigation, even though there were no injuries.
“Despite extensive damage to the tanker’s head and its contents, the quick action of the crew prevented a catastrophic explosion of the tanker truck saving the entire bulk and its contents. The swift response of the crew showcased their dedication and bravery in the face of danger,” GNFS stated.
Source: https://energynewsafrica.com