Eko Disco raises prepaid meter price by 60%

Electricity consumers seeking to transit from the old metering system to the prepaid metering under Eko Electricity Distribution Company (EKEDC) are to pay almost twice the initial price of the meter to get hooked up.

Godwin Idimudia, the manager, corporate affairs of EKEDC, confirmed to BusinessDay on Monday that the company has raised the price of the meter from about N25,000 to N39,375, an increase of about 60 percent.

“The cost of meter now is N39,375. We have new smart meters now that can be read directly from our various offices to guide against tampering and other vices. It is also in the interest of the customers that they will now be paying for exactly the energy consumed,” said Idimudia.

Owing to estimated electricity billing of consumers across the country, pressure has been mounting on

Sustained underinvestment hurting power sector, say experts

Sustained underinvestment for over three decades is hurting Nigeria’s power sector severely. This was the message of the presentation by Taiwo Okeowo, deputy managing director and head of investment banking division, FBN Capital, at the 2014 Power Roundtable organised by BusinessDay Conferences.

Okeowo stated that underinvestment was not limited to capital investment but also extended to people and skills. He observed that underinvestment in human capital in the power sector was evident in the fact that before privatisation, the average age of PHCN workers was 52 years.

He commended the government for making power generation and distribution purely market-driven but pointed out that gas supply was still a hurdle, adding that once the gas supply issue is sorted out in addition to the transmission issue, power sector financing would become

Competition in power sector as TEM begins November

The transitional electricity market (TEM), a stage that will ensure accountability and boost further investment in the Nigerian electricity market is expected to come on stream in November, BusinessDay has learnt.

It was gathered that the Nigerian Electricity Regulatory Commission (NERC) had in a meeting on Wednesday considered the launch of the TEM in about two months’ time.

TEM represents the intermediate step to move the electricity market in an orderly manner from an integrated whole utility to a fully competitive market structure with more differentiated players.

The electricity market is currently operating under a set of government interim rules. The interim rules were developed and issued by NERC in December 2013 to conduct the market in the pre-TEM phase until the declaration of TEM. The interim rules order was later modified with the revision taking place with effect from May 1, 2014.

“We are very much eager for

Power agreements on hold as electricity market fails to kick off

Delay in the declaration of the transitional electricity market (TEM) is holding down the implementation of several agreements, including power purchase agreements (PPAs), gas supply aggregation agreements (GSAA) and gas transportation agreements (GTAs), which would have unlocked the potential of the Nigerian electricity supply industry, BusinessDay investigations show.

Industry analysts say the delay is capable of stalling the inflow of the much-needed funds and capacities into the sector as it increases the risk profile of the sector.

TEM represents the intermediate step to move the electricity market in an orderly manner from an integrated whole utility to a fully competitive market structure with more differentiated players.

For instance, the declaration

Power generation hits 4,044mw, improves electricity supply

Electricity generation in the country has hit 4,044 megawatts (MW) on account of improved gas supply to  generation stations and the rise in the water level at the various hydro power stations typical of the rainy season.

The generation level, according to sources in the power sector, is expected to continue to improve with more gas being supplied and incentives given to gas producers to produce more.

Reacting to the improved power situation, Frank Edozien,special assistant to the minister of power on gas, said the combined efforts of the government and the private sector had led to the current achievement, promising that

FG approves N31.2bn electricity evacuation contract for Kashimbila Dam

The Federal Government has awarded a N31.2 billion contract for the evacuation of electricity from the 40-megawatts capacity Kashimbilla Dam in Takum local government area of Taraba.

The Minister of State for Power, Mr. Mohammed Wakil, disclosed this to State House correspondents after the weekly Federal Executive Council meeting presided over by President Goodluck Jonathan. Wakil said that the project was awarded to SCC Nigeria Ltd with a completion period of 18 months.

“Approval by council, the contract for award for Kashambila Dam; that is the power segment of 40 megawatts. The amount is N31.2 billion in favour of