- Transcorp Nigeria Plc has indicated to investors that as part of the the company’s strategic plans, it intends to increase power generation from Ughelli power plant to 850mw by the end of the year.
- Addressing stock brokers during the bell ringing ceremony at the floor of the Nigerian Stock Exchange in Lagos, the Chief Executive Officer, Emmanuel Nnorom also explained that the company intends to merge Transcorp Ughelli Power Limited and Ughelli Power Plc, He said: “It is something the board of the subsidiaries agreed that is necessary because we observed that we have some duplication functions”.
- Nnorom assured that the company has completed arrangements to ensure that it generates 850 mw by the end of the year. He said; “The output is still improving and we are now generating 640 mw daily and would continue to generate and reach our goal of 850 mw by the end of the year.”
He continued: “We want more gas for our operations. The stability we experienced this year is helping us to be able to project the level of power to transmit to the network. There have been some rejections of power produced by the distribution companies but the recent directive by NERC has made it easier for us because as we generate the power, the distribution companies must be there to take all the power.