Nigeria: President Tinubu Okays Electricity Plan To Attract $122 Billion Investments
Nigeria’s President Bola Ahmed Tinubu has formally approved the country’s long-awaited National Integrated Electricity Policy, which aims to seek $122.2 billion in investments for Nigeria’s power sector.
The policy outlines a sweeping reform agenda for the electricity sector, aligning with national development goals and global best practices, as required by Section 3(3) of the revised Electricity Act 2023.
According to reports, the President approved the document at the Federal Executive Council meeting on Monday, May 5, 2025. Per the policy, the $122 billion is expected to be raised between 2024 and 2045 to ensure energy diversification from the current electricity sources of hydropower and gas-fired thermal plants.
It aims to diversify energy sources by incorporating hydrogen, solar photovoltaic technology, biomass, wind, gas projects combined with carbon capture, utilization, and storage technologies, nuclear, solar (concentrated solar power), and bioenergy.
A statement by the Special Adviser to the Minister of Power on Strategic Communications and Media Relations, Bolaji Tunji, quoting his boss, Adebayo Adelabu, stated that the implementation of the new electricity policy was already underway. It noted that the policy’s impact would soon be visible across the power sector.
Adelabu said, “The roadmap policy addresses critical challenges in Nigeria’s electricity sector through a comprehensive framework for sector transformation with clear guidelines for sustainable power generation, transmission, distribution, as well as integration of renewable energy sources, its promotion, energy efficiency, and enhancement of sector governance.” He described the passage of the Electricity Act 2023 as a pivotal moment for the electricity sector, signaling a transformative change that has laid the foundation for NESI, thus enabling exponential socio-economic growth.
“This National Integrated Electricity Policy and Strategic Implementation Plan is a comprehensive roadmap developed to guide all stakeholders – the Federal and State Governments, market participants, investors, and indeed all Nigerians – through this transition,” he stated.
Source:https://energynewsafrica.com
U.S. Electricity From Fossils Fuels Dips Below 50% For The First Time Ever
For the first time in history, fossil fuels supplied less than half of the United States’ electricity generation for an entire month, according to new data released by energy think tank Ember. This milestone, achieved in March 2025, represents a turning point in the evolving energy mix of the world’s largest economy.
Historically, fossil fuels—primarily coal and natural gas—have dominated U.S. electricity production. But the steady rise of renewables over the past two decades has chipped away at their dominance. In March, wind, solar, hydro, and nuclear collectively overtook coal, oil, and gas, with fossil fuels accounting for just 48.9% of total generation.
However, note that this is an estimate of total generation, including small scale systems that are not connected to the grid. According to EIA data, fossil fuels still account for about 64% of electricity generation by utilities.
What’s Driving the Shift?
Several factors converged to make this moment possible. First, renewable energy capacity has expanded rapidly. Wind and solar are now mainstream technologies, supported by state mandates, federal tax incentives, and falling costs. Wind generation alone grew 12% in March year-over-year, and solar jumped by a remarkable 37%. Second, seasonal demand patterns played a role. March is typically a shoulder month for electricity demand—warmer than winter but not yet summer hot—which tends to reduce the need for gas-fired peaking power plants. Lower demand allows zero-marginal-cost renewables like wind and solar to play a more prominent role on the grid. Third, coal continues its long decline. Once the backbone of U.S. power generation, coal’s share of the mix has been in free fall since the mid-2000s. In March, coal accounted for just 15% of overall electricity generation (and ~18% of electricity produced by utilities). Nuclear power also remains a steady contributor, generating around 19% of electricity, while hydro added another 7%. Combined, these non-fossil sources provide a rapidly growing part of the U.S. grid, with gas providing backup during peaks and seasonal extremes.A One-Month Wonder, or a Trend?
It’s important to view this milestone in context. April’s low fossil fuel share is partly seasonal, and likely to rebound in the hotter summer months when demand for air conditioning increases and natural gas generation ramps up. Indeed, in 2023, fossil fuels still provided 60% of total annual electricity generation. However, the trajectory is clear: renewable energy is rapidly scaling, and fossil fuels—especially coal—are losing ground. The Inflation Reduction Act (IRA), passed in 2022, has accelerated investment in clean energy infrastructure. Billions of dollars are now flowing into solar, wind, battery storage, and transmission upgrades. Analysts project that renewables will continue to take a growing share of the power mix, driven not just by policy, but by economics. In many parts of the country, new wind and solar projects are already the lowest-cost option for new generation.Grid Reliability and the Energy Transition
One lingering concern is reliability. Fossil fuels, especially natural gas, still provide critical dispatchable power when the sun isn’t shining or the wind isn’t blowing. The challenge now is to scale clean, reliable alternatives, such as long-duration energy storage, advanced nuclear, and grid-interactive demand response. There are also regional differences to consider. Some states—like California and Texas—have made significant strides in renewable integration, while others remain heavily reliant on fossil fuels. Building out the national transmission grid will be essential to balancing these disparities and ensuring a reliable, resilient system.A Glimpse Into the Future
The March data doesn’t mean the U.S. has “solved” the energy transition—but it does offer a preview of what the grid could look like in the not-so-distant future. As technology improves, costs continue to fall, and policy support remains strong, it’s likely that fossil fuels will make up less than half of the annual electricity mix within this decade. For investors, utilities, and policymakers, the message is clear: the momentum behind clean electricity is real. Those who prepare for this transition—by investing in clean infrastructure, modernizing the grid, and rethinking electricity markets—will be best positioned for the energy system of tomorrow. Source: Oilprice.comGhana: NPA Boss Praises Finance Minister, BoG Governor For Cedi Stability
The Chief Executive Officer of the National Petroleum Authority, Ghana’s petroleum downstream regulator, Mr. Godwin Kudzo Tameklo Esq., is heaping praises on Ghana’s Finance Minister, Dr. Cassiel Ato Baah Forson, and Governor of the Central Bank, Dr. Johnson Asiamah, for the raft of forex measures put in place, resulting in the relative stability of the local currency, the cedi, against the US dollar.
According to him, the swift and prudent measures they have adopted in the last few months have contributed to the reduction in fuel prices at the pump. As of February 5, 2025, the average interbank exchange rate for a dollar to cedi was GH¢15.34. However, as at the close of business on May 5, the rate had dropped to GH¢13.68.
The NPA boss said this in an interview with this portal on the sidelines of the Petroleum Hub Development Corporation’s inter-agencies dialogue in Accra recently. “I think I need to thank the Minister of Finance and the Governor of the Bank of Ghana for the work they are doing at the upper end, relating to the stability of the cedi. The fuel market has witnessed relative stability,” he expressed appreciation for their contributions.
Another strategy he mentioned is the auctioning of forex, which helps reduce the cost of buying the product. “And so, if you monitor the market so far, I might say it has been relatively stable, and my prayer is that with one or two interventions we will be bringing onboard, it’s our hope that things become a bit more calm,” Mr. Tameklo assured Ghanaian petroleum consumers.
Touching on another step to reduce the cost of fuel, he disclosed that the government intends to build another Conventional Buoy Mooring (CBM) at the Tema Port to ease fuel traffic at the port and reduce the cost of the products to ordinary Ghanaian consumers.
“I think the Minister has made it clear much earlier that one of the things we are trying to do is also to build a second discharge facility at the port. The whole idea is that we essentially have only one CBM,” he stated. Many vessels spend time waiting at sea at a cost since there is only one discharging facility at the port, adding that a second facility will fix the increasing cost of demurrage.
“What it means is that you can have multiple vessels discharging white products – I mean diesel, petrol, and LPG – at the same time. And usually when that happens, the time for discharge will significantly reduce. It is estimated that we will be doing about $35 million in the course of demurrage. This cost eventually gets passed on to the final consumer,” the NPA boss lamented.
Explaining strategic measures his outfit is putting in place to monitor and control petroleum service providers in the value chain, he said that they have a robust team of inspectors in all regions who monitor the sector to ensure strict compliance and also ensure product quality and availability to consumers at all times.
Source:https://energynewsafrica.com
South Sudan’s Former Petroleum Minister Calls For Africa Energies Summit To Be Held In Africa
South Sudan’s former-Minister of Petroleum Ezekiel Lol Gatkuoth has called on Frontier to move the annual Africa Energies Summit to Africa, highlighting the critical value of hosting an Africa-focused event on African soil.
As the voice of the African energy sector, the African Energy Chamber (AEC) strongly agrees with the calls of Gatkuoth.
At a time when investing in African energy has become a critical topic, hosting an international energy conference on the continent has become even more imperative.
More than ever, Africa requires significant levels of global investment. At present, over 600 million people currently lack access to electricity in Africa while over 900 million people live without access to clean cooking solutions.
Global oil and gas investment has been on the decline in recent years, presenting major implications for African countries that rely on these resources. While renewable energy investment continues to grow worldwide, Africa only receives 2% of this investment.
To close the energy access gap in Africa, the continent requires $25 billion in annual investment by 2030, according to the International Energy Agency. As such, the need to promote African energy interests has become increasingly more important.
It is within this picture that it becomes key to bringing the conversation about African energy to Africa. Hosting an event such as Africa Energies Summit in Western Europe does not make sense when Africa has the perfect platform of its own to host these types of events.
Taking place from May 13-15 in London, Africa Energies Summit has dubbed itself Africa’s premier global upstream conference, bringing together Africa’s energy industry. The event is the only African energy conference hosted by Frontier. But the question remains: why can an African energy conference not be hosted in Africa? Instead of taking Africa to the world, the world should come to Africa.
By taking place in London every year, Africa Energies Summit is stating that Africa is not suitable to host its own international energy conference, a misunderstanding that will have significant impacts on the continent’s sector.
“We cannot keep taking the conversation about Africa outside of the continent. Just like it would not make sense for an event focused on Europe to be hosted in Africa, we should not be hosting an event about Africa in Europe. It is time to prioritize Africa. By hosting an African energy conference on the continent, we bring significant benefits to local communities and industries,” stated Gatkuoth.
Beyond the energy sector, bringing the Africa Energies Summit to Africa brings a range of benefits to the continent. AEW: Invest in African Energies, for example, has created significant value addition for local markets and industries by prioritizing local businesses, supporting business tourism and creating local employment opportunities.
By bringing international events to Africa, conferences ensure that local hotels, venues, workforces and more benefit. As such, the significance of hosting large-scale events in African cannot be overstated and should be considered by organizers such as Frontier.
As an industry, we need to prioritize local communities’ voices and create employment opportunities in Africa’s energy sector. It’s time to showcase Africa’s capabilities and host investment forums on our own continent. We’ve seen misrepresentations repeated by events like Africa Oil Week in Dubai; but it’s time to break this trend. Africa is capable of hosting its own energy conferences, and we should lead the narrative.
“We have seen the same misinterpretations by groups such as Africa Oil Week when it went to Dubai and it needs to end. Africa is fully capable of hosting an international energy conference. We do not need to go abroad to discuss our own energy matters. By bringing the conversation to Africa, we prioritize African interests and narratives. The AEC wholeheartedly agrees with Gatkuoth, that the Africa Energies Summit must be brought to Africa,” stated NJ Ayuk, Executive Chairman of the AEC.
Source: Energy Chamber
Ghana: NEDCo Extends Operating Hours For Power Purchase At Offices To 10 PM
The Northern Electricity Distribution Company Limited (NEDCo) has extended its power purchase and bill payment hours across five operational areas to 10:00 PM daily.
A release issued on May 5, 2025, from the Corporate Communications outfit of NEDCo states that the decision aims to provide customers in its main area offices within Sunyani, Techiman, Tamale, Bolgatanga, and Wa with this service from Monday to Sunday, with the hope of extending it to other areas soon.
“This arrangement for now is limited to only the main power purchase/bill payment points located in the various main offices,” it stated.
This raft of new measures, the release explains, is to complement the company’s electronic payment platform, which is accessible via *914# on all types of mobile phones, smart or otherwise, and the NEDCo App (available on the Play Store or iOS), which remains operational.
NEDCo is expressing optimism that other initiatives aimed at enhancing customer experiences with its outfit are forthcoming to improve service delivery.
“Other initiatives aimed at elevating your experience with us are in the offing, as there is more excitement ahead,” the release assures its cherished customers.
NEDCo’s operations started in 1987 with the establishment of the Northern Electricity Department (NED) by the Volta River Authority (VRA) to distribute electricity in the Northern region of Ghana.
In 1997, NEDCo was formed out of NED and registered as a subsidiary of VRA. In 2012, it was operationalized as a wholly owned subsidiary. NEDCo now serves over 1 million customers, and its operations extend beyond the initial operational region to parts of the Oti, Ashanti, and Western regions.
Source:https://energynewsafrica.com
Ghana: Petrol And Diesel Prices Drop Significantly
Some Oil Marketing Companies (OMCs) in Ghana have reduced their pump prices for petrol and diesel in the first pricing window of May 2025. Both petrol and diesel prices have decreased by an average of Gh₵0.80 across retail outlets of various OMCs.
The reduction is significant compared to the decrease in the second pricing window of April. In the second pricing window of April, which began from April 16 to 30, petrol was sold between Gh₵14.50 and Gh₵13.87 per liter, while diesel was sold between Gh₵14.77 and Gh₵15.30.
As of Monday, May 5, 2025, some OMCs adjusted their prices, with petrol selling between Gh₵12.99 and Gh₵13.79, and diesel selling between Gh₵13.99 and Gh₵14.89 per liter.
The reduction in fuel prices is attributed to the decrease in refined petroleum product prices on the international market and the relative stability of the local currency, the cedi, in recent days. As of Monday, May 5, 2025, the average interbank exchange rate for a US dollar was Gh₵13.6568.
In Ghana, fuel prices are reviewed daily by OMCs based on fluctuations in key factors such as exchange rates, refined petroleum product costs, and inflation.
In contrast, fuel prices are reviewed monthly in other parts of Africa.
- GOIL: Petrol (Ron 91) – Gh₵13.69, Petrol (Ron 95) – Gh₵14.41, Diesel – Gh₵15.11
- Shell: Petrol – Gh₵13.79, Diesel – Gh₵14.89, Shell V-Power – Gh₵15.49
- TotalEnergies: Petrol – Gh₵13.75, Diesel – Gh₵14.75, Total Excellium – Gh₵16.10
- Star Oil: Petrol (Ron 91) – Gh₵12.99, Petrol (Ron 95) – Gh₵13.99, Diesel – Gh₵15.25
- Zen: Petrol – Gh₵12.87, Diesel – Gh₵13.95
- Allied: Petrol – Gh₵12.99, Diesel – Gh₵13.99
- Goodness: Petrol – Gh₵12.89, Diesel – Gh₵13.89
- PETROSOL: Petrol – Gh₵13.68, Diesel – Gh₵14.74
Ghana: Gov’t Inaugurates Steering Committee To Facilitate Private Participation In Power Distribution
The Government of Ghana has inaugurated an eight-member Private Sector Participation (PSP) Steering Committee to provide strategic oversight for the implementation of the reintroduced Multiple Lease Model (MLM) aimed at transforming electricity distribution in Ghana.
The MLM approach, which segments electricity distribution services into regional units to be managed by various private operators, is designed to attract credible investors, enhance efficiency, reduce technical and commercial losses, and improve customer satisfaction nationwide.
The PSP Steering Committee will be chaired by Hon. John Abdulai Jinapor, Minister for Energy and Green Transition, with Hon. Dr. Cassiel Ato Forson, Minister of Finance, serving as co-chair. Other members include Hon. Elizabeth Ofosu-Adjare, Minister of Trade and Agribusiness; Dr. Dominic Akuritinga Ayine, Attorney General and Minister for Justice; and Hon. Felix Kwakye Ofosu, Minister of State for Government Communications.
The rest are Mr. Julius Kpekpena, Acting Managing Director of the Electricity Company of Ghana (ECG); Mr. John Okine Yamoah, Acting Managing Director of the Northern Electricity Distribution Company (NEDCo); and Madam Baba Akon, who will serve as Secretary to the Committee.
In a statement read on his behalf by the Deputy Minister for Energy and Green Transition, Hon. Richard Gyan Mensah, at the inauguration in Accra, Hon. Jinapor said the MLM was a cornerstone of the government’s broader energy sector recovery and modernization strategy.
He explained that the Steering Committee would provide strategic direction for the PSP rollout, gather baseline data, including auditing the PSP deal, coordinate with ECG, NEDCo, regulatory bodies, and transaction advisors, as well as monitor progress across critical milestones.
“The Committee will also be responsible for reviewing and advising on transaction documents, procurement frameworks, draft agreements, risk mitigation strategies, regulatory compliance, and stakeholder communications,” Hon. Jinapor said.
He added that the PSP Implementation Unit within the Ministry of Energy and Green Transition would serve as the Secretariat to the Committee, offering administrative and technical support throughout the implementation process.
Hon. Jinapor charged the Committee to ensure that the procurement of technical, financial, and legal transaction advisors is completed by May 31, 2025, to facilitate the commencement of detailed implementation.
“By September 2025, we anticipate issuing the first phase of the competitive bidding documents for private concessionaires,” he stated.
Three sub-committees—Technical, Governance & Regulatory, and Stakeholder Management—have also been established to support the process. Mr. Jabesh Amissah-Arthur, Chair of the Technical Sub-Committee, expressed gratitude for the opportunity to serve and called on Ghanaians to support the Committee as it undertakes its critical mandate.
“The road will be challenging and difficult, but I have confidence in the members that we will be able to live up to expectations by providing guidance to the restructuring of the power distribution sector to ensure customer service satisfaction,” he said.
Source: https://energynewsafrica.com
African Schoolchildren Invited To Join Arctic Science Expedition On Board A Nuclear Icebreaker
School children aged 14 to 16 from Ghana, South Africa, Namibia, and Egypt have been invited to participate in the international educational project “Icebreaker of Knowledge”.
The most outstanding participants will have a once-in-a-lifetime opportunity to join a scientific expedition to the North Pole aboard the nuclear icebreaker 50 Let Pobedy (“50 Years of Victory” in Russian), operated by Rosatom.
The selection process, which opened in late April 2025, is part of the sixth edition of the “Icebreaker of Knowledge” project.
This year’s expedition holds special significance as it coincides with the 80 years of Russian nuclear industry and the 500th anniversary of the Northern Sea Route — two milestones that highlight humanity’s ongoing quest for exploration and technological advancement.
Schoolchildren from 20 countries across Eurasia, Africa, and Latin America are participating in the competition.
The most successful candidates will form an international expedition team and embark on a scientific journey to the Arctic, taking part in lectures, masterclasses, quizzes, and collaborative research activities.
For some students, it may become a historic experience, as they will be the first representatives of their countries ever to reach the geographic North Pole.
“The ‘Icebreaker of Knowledge’ project gives young people in Africa a platform to show their potential on a global stage. Science knows no borders, and the Arctic expedition is a unique chance to meet peers from different countries, work together on real scientific challenges, and see firsthand how innovation is shaping the world’s future. We encourage students from Ghana, South Africa, Namibia, and across the continent to seize this opportunity,” noted Ryan Collyer, CEO of Rosatom Central and Southern Africa.
The final selection results will be announced in June 2025, after which the expedition team will be finalised.
Students from Ghana, South Africa, Namibia, and Egypt are among those invited to take part this year. In 2024, a participant from South Africa was among the winners who joined the Arctic expedition, becoming one of the first representatives from the African continent to reach the North Pole aboard a nuclear icebreaker.
Since its launch six years ago, “Icebreaker of Knowledge” has enabled more than 350 students to participate in Arctic expeditions arranged by Rosatom.
The project is organised by the Nuclear Industry Information Centres (NIIC) with the support of Rosatom, one of the world’s leading nuclear technology companies. Rosatom is actively involved in educational, research, and cultural initiatives around the world, helping to foster new generations of scientists, engineers, and innovators.
Source: https://energynewsafrica.com
Kenya Power Rolls Out 45 EV Charging Stations Across Six Counties
Kenya Power has announced a robust plan to install a total of 45 electric vehicle (EV) charging points across six counties in the next year.
The charging points will be located in Nairobi, Nyeri, Kisumu, Eldoret, Nakuru, and Mombasa counties.
According to Kenya Power Managing Director Eng. Joseph Siror, his outfit is committed to enabling Kenya’s transition to electric mobility to catalyze the reduction of carbon emissions.
“Part of our plan is to create an enabling environment for players within the e-mobility ecosystem through the provision of adequate power supply and requisite infrastructure, such as charging stations, that will enable motorists to travel with ease,” said Kenya Power’s Managing Director & CEO, Dr. (Eng.) Joseph Siror.
Addressing the 3rd Annual E-mobility Conference and Expo, organized by the company in collaboration with GIZ and the Electric Mobility Association of Kenya (EMAK), Eng. Siror mentioned that out of the 45 EV chargers, six will be located at strategic locations within Jomo Kenyatta International Airport. So far, Kenya Power has installed three EV chargers within Nairobi.
Official statistics indicate that the transport sector accounts for about 23% of global carbon emissions. The Government of Kenya has committed to a 32% reduction of greenhouse gas emissions by 2030.
“To support this initiative, we are working with private sector players to identify energy and infrastructure needs within the e-mobility space, informing the deployment of right strategies that will accelerate EV adoption in Kenya,” said Dr. (Eng.) Siror.
Currently, there are approximately 9,047 EVs registered in the country, compared to 2,694 and 5,294 registered in 2023 and 2024, respectively.
The growth of e-mobility has been spurred by initiatives creating an enabling environment, including the introduction of the e-mobility tariff in the current electricity tariff control period.
The Board Chairman of Kenya Power, Joy Brenda Masinde, praised the Government of Kenya for supporting the company in driving the uptake of e-mobility.
“Our focus is to work closely with the Government of Kenya to advocate for policies that will continue to incentivize EV adoption, such as tax exemptions and subsidies for electric vehicles and charging infrastructure,” said Kenya Power’s Chairman of the Board of Directors, Joy Brenda Masinde.
Source:https://energynewsafrica.com
South Africa: Electricity Minister Ramokgopa Admits Upfront Capital For New Nuclear Projects Is A Challenge
South Africa’s Electricity and Energy Minister, Kgosientsho Ramokgopa, has acknowledged that the affordability and upfront capital required for additional nuclear power generation is a challenge.
According to a report by SABC, the Electricity Minister acknowledged the challenge at the 2nd G20 Energy Transition Working Group meeting in Cape Town last week.
Ramokgopa outlined his department’s goals for the expansion of nuclear technology in the country.
South Africa’s nuclear energy programme has been in operation since 1984. Energy expert Ruse Moleshe, speaking at the event, said nuclear projects need to be planned over a long period.
She maintains that costs need to be balanced against the cost of not having energy, as is the case during load shedding.
“Yes, it has upfront capital costs similar to how renewable energy technologies are. There is a lot of capital needed in the beginning, which is why it’s one of the cheapest now, so it’s an investment required at an early stage. But countries are looking at options because they value security of supply,” says Moleshe.
When it comes to concerns about nuclear power safety, Moleshe explains that there are different types of nuclear power.
“If you look at nuclear for power generation, that’s the peaceful use of nuclear; it’s used to generate power. And yes, we’ve had incidents like Fukushima.
In fact, for me, Fukushima is a good example – now Japan is going back full speed into nuclear technology.”
She adds that nuclear power is a highly regulated industry and that South Africa adheres to International Atomic Energy Agency regulations.
Electricity and Energy Minister Dr. Kgosientsho Ramokgopa has said nuclear power will be part of South Africa’s policy to mitigate climate change.
“Nuclear technology has a huge role to play in the expansion of nuclear technology.”
The lower environmental impact of nuclear power, combined with its costs, gives it a key advantage as the world moves towards a just energy transition.
Source:https://energynewsafrica.com
Ghana: GOIL Reduces Petrol, Diesel Prices
Ghana’s largest indigenous petroleum downstream oil marketing company, GOIL, has reduced its petrol and diesel prices effective May 5, 2025. According to the price update, petrol (RON 91) is selling at Gh¢13.69 per liter, while petrol (RON 95) is sold at Gh¢15.11 per liter, with diesel being sold at Gh¢14.41 per liter.
During the last window pricing in April, GOIL sold petrol (RON 91) at Gh¢14.50 per liter, while petrol (RON 95) was sold at Gh¢15.95 per liter, with diesel being sold at Gh¢15.30 per liter. GOIL’s current fuel prices are lower than some of its competitors.
In Ghana, fuel prices are reviewed daily by Oil Marketing Companies (OMCs) based on fluctuations in key factors such as exchange rates, cost of refined petroleum products, and inflation. In contrast, fuel prices are reviewed monthly in other parts of Africa.
On the international market, gasoline is sold at US$675 per metric ton, while gasoil is sold at US$621 per metric ton, and LPG is sold at US$471 per metric ton.
Since April, crude oil prices have also tumbled, with Brent selling at $60.42 per barrel and WTI sold at $57.37 per barrel as of May 5, 2025.
Source:https://energynewsafrica.com
OPEC+ Stuns Market With Larger Than Expected Output Hike
Crude oil markets took a fresh hit this weekend after OPEC+ stunned traders by announcing a larger-than-expected output increase for June. In a virtual meeting on Saturday, key producers led by Saudi Arabia and Russia agreed to raise collective output by 411,000 barrels per day (bpd), nearly triple the volume originally scheduled.
The move follows a similar surge announced for May and signals a sharp reversal from OPEC+ efforts to defend oil prices. Instead, Riyadh appears to be embracing a low-price strategy, aiming to discipline overproducing members like Kazakhstan and Iraq. Both nations have repeatedly exceeded their quotas, with Kazakhstan surpassing its March target by 422,000 bpd. “OPEC+ has just thrown a bombshell to the oil market,” Jorge Leon of Rystad Energy told Bloomberg. “With this move, Saudi Arabia is seeking to punish lack of compliance and also ingratiate itself with President Trump.” President Donald Trump has loudly demanded lower oil prices, and with fresh tariffs rattling global markets, OPEC+ appears to be aligning with Washington’s inflation-fighting agenda. Trump is set to visit the Middle East this month, and closer energy cooperation may be on the table. Oil prices had already been under pressure, with Brent trading near $61 a barrel on Friday, a four-year low. The OPEC+ decision sent prices tumbling another 6%, compounding bearish sentiment triggered by trade war fears and weakening economic data. Goldman Sachs responded by slashing its December 2025 oil forecast by $5 to $66 for Brent and $62 for WTI, citing both rising OPEC+ supply and Trump’s tariff barrage. “We no longer forecast a price range,” Goldman said, “because price volatility is likely to stay elevated on higher recession risk.” Standard Chartered joined the chorus of bearish revisions, slashing its 2025 Brent forecast by $16 to $61 a barrel, and trimming its 2026 outlook to $78. The bank warned that the Trump administration’s tariff-heavy approach is fueling recession fears and eroding market confidence—especially after a downbeat U.S. economic report this week. JPMorgan also raised its global recession odds to 60% for the year, while S&P Global warned that oil demand growth could drop by as much as 500,000 bpd. OPEC+ justified the output hike by citing “continuing healthy market fundamentals,” though many see the move as an effort to assert market share and enforce compliance. Analysts like Helima Croft argue that by opening the taps, Saudi Arabia is reasserting control over rogue members while signaling readiness to let prices fall to discipline the market. The eight members behind the increase—Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman—will reassess in June. But for now, the message is clear: OPEC+ is no longer defending high prices, and oil markets should prepare for more volatility ahead. Source: Oilprice.comZimbabwe: Power Cuts To Worsen After Technical Fault At Hwange Power Station
Zimbabwe’s Electricity Supply Authority (ZESA) has reported a technical glitch at one of its major power generation plants, resulting in heightened power cuts countrywide.
According to a notice issued on Sunday, May 4, 2025, a technical fault at Hwange Power Station has necessitated increased load-shedding.
“ZESA Holdings would like to advise its valued stakeholders of a technical fault that occurred at Hwange Power Station, resulting in the reduction of available power supplies. This unforeseen incident has necessitated increased load-shedding across all customer groups,” said the authority.
“Our technical team is working to rectify the problem and restore normal operations within the shortest possible time,” the statement concluded.
Source:https://energynewsafrica.com
Ghana: WAPCo MD Calls For Regional Support To Address Gas Supply Deficit
The Managing Director of West African Gas Pipeline Company (WAPCo), Michelle Burkett, has called for stronger collaboration among the West African Gas Pipeline (WAGP) states, comprising Ghana, Togo, Benin, and Nigeria, to resolve persistent payment challenges contributing to a regional gas supply deficit.
Speaking at the West African Gas Pipeline Committee of Ministers (CoMs) meeting in Accra on April 29, 2025, WAPCo’s MD stressed the urgency of coordinated action to stabilize gas flow and drive energy security in the sub-region.
She emphasized that tackling these financial bottlenecks is critical to ensuring a reliable minimum base load to support power generation and industrial activity across West Africa.
“Our ability to fully unlock the WAGP’s potential is increasingly shaped by the collective effort from all stakeholders represented here today.”
Ms. Burkett used the opportunity to highlight three key areas where WAPCo needs the Committee’s support.
She emphasized securing sustainable gas supply of a minimum base load supply of 150,000 MMBtu per day through the ELPS into the WAGP pending the completion of ongoing enhancement projects.
She also highlighted strengthening financial stability through collaborative solutions to help establish a shared pathway to resolving all outstanding commercial matters.
Furthermore, she emphasized the need for facilitating the timely passage of the WAGP Fiscal Amendment Acts in Ghana, Togo, and Nigeria to ensure a harmonized approach across all WAGP states.
“WAPCo remains committed to this shared vision and stands ready to drive forward a compelling new chapter of economic opportunity for all stakeholders involved,” she stated.
Source:https://energynewsafrica.com