Business
National electricity grid crashes from 3,703MW to 9MW, says FG
Figures obtained on Monday from the Nigeria Electricity System Operator, an arm of the Federal Government’s power transmission company, showed that the national electricity grid actually crashed from a peak of 3,703 megawatts to as low as 9MW on Sunday.
Nigeria witnessed widespread blackout on Sunday after the national grid collapsed around 6.49pm, before engineers from the Transmission Company of Nigeria strived to ensure the recovery of the grid.
The PUNCH had reported on Monday that Sunday’s grid collapse was the fifth in 2022, a development that made many power distribution companies to shut down their various outgoing electricity feeders.
Data sourced from the NESO on Monday in Abuja, which showed the performance of the national grid on Sunday, indicated that the peak generation on Sunday of 3,703MW was recorded at 5am.
But this crashed to 9MW at 7pm on Sunday, according to the NESO, leading to the eventual collapse of the national grid.
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Various Discos including Enugu Electricity Distribution Company Plc, Abuja Electricity Distribution Company, Kaduna Electricity Distribution Company, among others, had confirmed the grid collapse in various messages on Sunday night.
Although no official statement from TCN as per the grid collapse yet, it was gathered that its restoration reached an advanced stage on Monday, as power generation rose to 2,744.6MW around 6am on Monday.
Nigeria’s power grid had collapsed twice in March and twice again in April this year. Power generation on the system had continued to fluctuate due to various concerns such as gas constraints, water management challenges, gas pipeline vandalism, among others.
Following the instability in Nigeria’s power supply, experts and consumer groups in the sector urged politicians to desist from generating political megawatts as they woo voters ahead of the 2023 general elections.
“Stop generating political megawatts. Stop generating electric power on the pages of newspapers and social media,” an industry expert, who doubles as President, Nigeria Consumer Protection Network, Kunle Olubiyo, stated.
He added, “‘I will increase power generation from 5,000MW to 30,000MW’. How do you intend to do that? Please let us know. Nigeria presently has grid sourced power generation capacity of 7,500MW, but only an average of 3,600MW gets to the end-users.
“We also have 14,500MW installed generation capacity that our national energy quantum could be ramped up. There is available power on the grid that is usually rejected by the 11 electricity distribution companies and TCN.”
“Yet the nation have been permanently configured into a vicious circle of distribution of darkness and perpetual energy crises due to gas constraints, market settlement crises, tariff and market shortfall, near-zero regulatory ecosystem, grid infrastructural limitations, technical deficits and broadly speaking – grid constraints.”
Olubiyi said why was it that since December 2021, the power supply situation in Nigeria had gone beyond comprehension and most embarrassingly unpleasant.
The consumer group president urged the presidential candidates of the frontline political parties to speak straight to the fundamental issues “and tell Nigerians how they will address the root causes of energy crises in Nigeria.”
“And not by making bogus promises and claims as per the electricity sector. We need to be informed in specific terms how they intend to address the challenges bedeviling the power sector.”
The spokesperson for the Electricity Consumers Association of Nigeria, Chijioke James, told The PUNCH that electricity consumers across the country were not happy with the low power supply.
“Of course, we are not satisfied. Consumers want to have a steady and reliable power supply. We have not seen a remarkable improvement in electricity supply across the country, and consumers are not satisfied”, he said
Business
Forex: FG to delist naira from P2P platforms
Forex: FG to delist naira from P2P platforms
The Federal Government is set to delist the naira from all Peer-to-Peer platforms to reduce the manipulation of the local currency value in the foreign exchange market.
Director General of the Securities and Exchange Commission, Emomotimi Agama, made this known on Monday at a virtual conference with blockchain stakeholders.
The goal of this resolution is to combat manipulation of the value of the local currency in the foreign exchange market.
In past months, the nation’s regulatory bodies have started looking into and closely examining cryptocurrency exchanges.
This is part of a number of regulations to be rolled out in the coming days.
He said, “That is one of the things that must be done to save this space. The delisting of the naira from the P2P platforms to avoid the level of manipulation that is currently happening.
“I want your cooperation in dealing with this as we roll out regulations in the coming days.”
The SEC DG decried how some market players were manipulating the value of the naira.
This, he said, was why the commission was “seeking collaboration and help in making sure that the crypto environment is respected globally”.
Business
Ikeja Electric cuts tariff for Band A customers
Ikeja Electric cuts tariff for Band A customers
The Ikeja Electricity Distribution Company has announced a reduction in the tariff for customers under Band A classification from N225 per kilowatt-hour to N206.80kw/h
This is coming about a month after the Nigerian Electricity Regulatory Commission (NERC) approved an increase in electricity tariff for customers under the Band A category to N225 per kwh — from N66.
The commission has clarified that customers under Band A receive between 20 and 24 hours of electricity supply daily.
Ikeja Electric said in a circular on Monday the cut in the new tariff rate would take effect from May 6, 2024.
Business
Finally, NERC unbundles TCN, creates new system operator
Finally, NERC unbundles TCN, creates new system operator
The Nigerian Electricity Regulatory Commission (NERC) has set up the Nigerian Independent System Operator of Nigeria Limited (NISO) as it unbundles the Transmission Company of Nigeria (TCN).
The transmission leg of the power sector has over the years been seen as weakest link with obsolete equipment.
The unbundling announcement is contained in an Order dated April 30, 2023 and jointly signed by NERC chairman, Sanusi Garba, and vice chairman, Musiliu Oseni.
By this order, the TCN is expected to transfer all market and system operation functions to the new company.
The commission had previously issued transmission service provider (TSP) and system operations (SO) licences to the TCN, in accordance with the Electric Power Sector Reform Act.
The Electricity Act 2023, which came into effect on June 9, provided clearer guidelines for the incorporation and licensing of the independent system operator (ISO), as well as the transfer of assets and liabilities of TCN’s portion of the ISO.
In the circular, the commission ordered the Bureau of Public Enterprises (BPE) to incorporate, unfailingly on May 31, a private company limited by shares under the Companies and Allied Matters Act (CAMA), 2020.
NERC said the company is expected “to carry out the market and system operation functions stipulated in the Electricity Act and the terms and conditions of the system operation licence issued to the TCN.
“The name of the company shall, subject to availability at Corporate Affairs Commission, be the Nigerian Independent System Operator of Nigeria Limited (“NISO”),” NERC said.
Citing the object clause of the NISO’s memorandum of association (MOU) as provided in the Electricity Act, NERC said the company would “hold and manage all assets and liabilities pertaining to market and system operation on behalf of market participants and consumer groups or such stakeholders as the Commission may specify.”
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