Nigeria: Transitioning State Owned Electricity Sector to a Private Power Market
By Newsfromafrica
LAGOS– Honourable Minister of Power, Prof Chinedu Nebo, has endorsed a senior level industry engagement, with Energynet Ltd to host the inaugural Power Investors Summit in Nigeria, in 2 – 4 October 2013, at the Lagos Oriental Hotel, Victoria Island.
This summit will bring together national stakeholders and highly acclaimed international investors from the Africa Finance Corporation, International Finance Corporation, KPMG, FCMB Capital, Globeleq, GE, Schneider Electric, Transcorp, and Eta Zuma Group.
“All of the international project developers that we are working with are all talking about Nigeria. It is certainly the most exciting investment destination right now!” said Simon Gosling, MD, Energynet Ltd.
Considerable developments in Nigeria’s power sector have been achieved so far this year. The 21 August 2013 was a day of reckoning for Nigeria and will forever hold its place as a day of victory for the power sector and the citizens, who were initially sceptical about President Goodluck Jonathan and his administration’s ability to implement Nigeria’s globally acclaimed power privatisation programme.
Privy to contrary belief, the Bureau of Public Enterprises (BPE) and the National Council on Privatisation (NCP) remained steadfast to the final completion payment deadline for the remaining 75% for the unbundled, Power Holding Company of Nigeria (PHCN) power assets. Entitling the preferred bidders to take full possession of the 15 PHCN unbundled assets, which include 10 Distribution companies (DISCOs) and five Generation companies (GENCOs). Generating a total of $1.957 billion in revenue, of which the proceeds will be utilised to settle outstanding obligations to PHCN workers and invested in the transmission grid.
The Power Investors summit will be the first summit to feature the new GENCO and DISCO asset owners. Senior executives from, Transcorp Ughelli, Mainstream Energy Solutions Limited, CMEC/ EURAFRIC, GENCOs plus AURA Energy Ltd, NEDC/KEPCO Consortium, 4 Power Consortium and Integrated Energy Distribution & Marketing, DISCOs. These new asset owners will be speaking at the GENCOs and DISCOs Roundtable on the morning of the 3rd of October. And discussing with interested industry experts, their plans for rehabilitating their newly acquired assets, how they plan to boost system efficiency, and adhere to their KPI’s, whilst providing reliable and affordable power to the nation.
Dr David Ladipo, MD of the Azura Power Project (The first developer to achieve, Nigeria’s only, private power purchase agreement (PPA) will be sitting on a panel alongside developers; Dr Chukwueloka Umeh, MD and CEO of Century Power and Anibor O Kragha, Upstream Treasurer at Mobil Producing. Nigeria’s upcoming IPP developers will discuss how to negotiate a bankable Project- Financed PPA and share their experience in developing IPPs in Nigeria.