Subscribe free to our newsletters via your
. Energy News .




ENERGY NEWS
Nigeria signs $1.3 bn power plant deal with China
by Staff Writers
Abuja (AFP) Sept 30, 2013


Nigeria has announced two major initiatives aimed at improving its woeful electricity supply, entering a $1.3 billion (960 million euros) power plant deal with China and on Monday handing over state power assets to private investors.

The privatisation of most of state electricity firm PHCN has long been in the works in Africa's most populous nation, where blackouts occur multiple times daily despite the country's status as the continent's largest oil producer.

Those taking over assets include Seoul-based Korea Electric Power Corporation as well as local investors.

Separately, the deal with the Chinese government involves construction of a hydroelectric plant expected to add 700 megawatts to the national grid.

A loan from China's Export-Import Bank will pay for 75 percent of the plant while the Nigerian government will cover 25 percent of the cost, a statement by the finance ministry said.

It is not clear if the new plant will remain in state hands or if it too will be privatised.

Hundreds of PHCN workers and retirees on Monday staged protests in several parts of the country against the take-over of the company when the government has not paid all of them their severance financial benefits.

Some of them chanting slogans and carrying placards told AIT private television that they would not allow the investors to enter PHCN premises until the monies have been paid.

"We are ready to be sleeping here until they pay us," one of the protesters, Ganiyu Adegboye, told the television.

They locked up the entrances to PHCN's two main offices in Lagos, AIT footage showed.

Nigeria has portrayed the privatisation of electricity generation and distribution as a reform capable of finally bringing steady power supplies to the country, where businesses are forced to rely on diesel generators to cope.

President Goodluck Jonathan on Monday handed over operating licences to investors for most of the companies created from the splitting up of the former Power Holding Company of Nigeria (PHCN).

Jonathan, at a brief ceremony also attended by top government officials, ceded ownership of four of the six generation companies and 10 of the 11 distribution firms after raking in about $2.5 billion from their bids.

A power generation firm not part of PHCN was also handed over, while various issues are yet to be resolved for the two other generation firms and one distribution firm.

Nigeria will retain ownership of the national grid, but privatise its management. Canada's Manitoba Hydro International was named its manager for three years in 2012.

"Today, therefore, not only concludes legal transactions, it is a day of hope, a day of promise and a new beginning for one of the most vital sectors of our national economy," Jonathan said.

"We do not expect the sector to be revitalised overnight but we can all look forward to a better time very soon as we have seen in the telecommunications and banking sectors."

Government said that only about 2,000 of the 47,000 PHCN workers were yet to be paid their terminal allowances.

The privatisation of telecommunications in Nigeria is generally credited with bringing improved service and accessibility to the country.

However, critics have expressed concerns that many of the bidders for power assets have been politically connected barons in Nigeria and questioned whether the assets will be properly managed.

.


Related Links







Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News





ENERGY NEWS
ASEAN region has potential for 70 percent green energy
Jakarta (UPI) Sep 26, 2013
A new Greenpeace report says that by 2050 green energy could account for 70 percent of the electricity generation for the 10 countries comprising the Association of Southeast Asian Nations. That boost in green energy could also result in $2.8 trillion worth of investment, $2.7 trillion in fuel-cost savings and 1.1 million jobs by 2030, the report says. Greenpeace launched the rep ... read more


ENERGY NEWS
Nigeria signs $1.3 bn power plant deal with China

Myanmar's energy sector boosted by World Bank investment

ASEAN region has potential for 70 percent green energy

Clean energy least costly to power America's electricity needs

ENERGY NEWS
Arctic drilling needs federal standards

Russian court detains eight more Greenpeace crew members

Libya oil crisis imperils badly needed investment in energy

Indonesia ripe for U.S. investment in shale gas?

ENERGY NEWS
Installation of the first AREVA turbines at Trianel Windpark Borkum and Global Tech 1

Trump's suit to halt wind farm project to be heard in November

Ireland connects first community-owned wind farm to grid

Moventas significantly expands wind footprint

ENERGY NEWS
Heilind showcasing solar products at NECA

Standard Solar and Solar Grid Storage Collaborate to Complete Pioneering Commercial Solar Microgrid

Trina Solar powers 11MWp Hazel Capital project for Oskomera

Solar Maid adds Several Island Locations

ENERGY NEWS
Plastic pad clogs up Fukushima water cleaning system

Anti-radiation fence at Fukushima has hole: TEPCO

Fukushima operator seeks reactor restart

Iran to take control of Russian-built reactor 'Monday'

ENERGY NEWS
First look at complete sorghum genome may usher in new uses for food and fuel

First steps towards achieving better and cheaper biodiesel

Want wine with those biofuels? Why not, researchers ask

Duckweed as a cost-competitive raw material for biofuel

ENERGY NEWS
Chinese VP stresses peaceful use of space

China's space station to open for foreign peers

Last Days for Tiangong

China civilian technology satellites put into use

ENERGY NEWS
Greater desertification control using sand trap simulations

UN panel in final push for new climate report

Is it time to ditch the climate 'bible'?

U.S. Secretary of State Kerry calls climate change report 'alarm bell'




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement