Connect with us
Paramount
Advertisement
Ican
Advertisement
IZIKJON
Advertisement
Stanbic IBTC
Advertisement
Polaris bank
Advertisement
Binance
Advertisement
Esetech
Advertisement
Patricia
Advertisement
Fidelity ads
Advertisement
app

Business News

Ikeja Electric, GRA Ikeja residents sign contract to deliver 20 hours daily power supply 

Published

on

Ikeja Electric (IE) announced it has signed a Power Purchase Agreement with residents of Ikeja GRA to deliver “up to 24 hours of supply daily”. The company tweeted this on Friday revealing that it is in line with the company’s Bilateral Power Agreement.

However, the company representatives explain that it is a minimum of 20 hours of power supply for residents of the association. Ikeja GRA includes streets like Oduduwa, Isaac John, Joel Ogunaike, Fani Kayode, etc.

In its previous Power Purchase deal with Magodo Residents, it stated that “with the agreement, IE will provide the residents with electricity supply beyond the existing standards, with guaranteed performance levels. In addition, there will also be access to dedicated Customer Care and Technical teams for prompt resolution of queries and/or technical issues within the estate.” 

Also, the Chief Operating Officer, IE, Mrs. Folake Soetan expressed confidence in the success of the trend-setting agreement, which she noted was in line with the Federal Government’s willing seller, willing buyer policy. 

What this means: The Power Purchase Agreement suggests residents of the Ikeja GRA will enjoy a steady power supply when compared to non-residents. However, they will have to pay tariffs much higher than is provided for in MYTO. Residents in Magodo who currently enjoy a similar arrangement informed Nairametrics that they pay higher tariffs but have enjoyed regular power supply and often go days without a power cut. 

They also explain that even when the power cuts they get messages from Ikeja Electric explaining why the power was cut and indicating when it will return. We understand Ikeja Electric still relies on the grid to deliver this power as such power cuts will still be expected in the transmission and distribution end.

Backstory: In August, Ikeja Electric announced it signed a similar power purchase agreement with residents of Magodo, providing them a power supply of up to 20 hours daily. Residents of Magodo, have enjoyed steady power since then and are thought to be paying about N47 per kilowatt-hour of power compared to the MYTO tariff which is N23.10 for residential customers.

Deal book 300 x 250

Sources with knowledge of the transaction indicate Ikeja Electric is likely to extend this arrangement to other estates within Lagos, in a move that disrupts the power sector dynamics. Residents in the Eko Franchise area seeking regular power supply have also demanded a similar deal and are ready to pay for a tariff that is higher than the MYTO approved tariff for general customers.

It is however not clear if the Nigerian Electricity Regulatory Commission, NERC has approved this arrangement.

 

 

 

bitcoin train

Binance

Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper.The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference.The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Coronavirus

FG fully prepared to receive 3.92 million vaccines on Tuesday – NPHCDA

The has restated Nigeria’s preparedness to receive its very first batch of Covid-19 vaccines on Tuesday, March 2, 2021.

Published

on

109 million Nigerians to be vaccinated in 2 years - NPHCDA

The Executive Director and CEO of the National Primary Health Care Development Agency, Dr. Faisal Shuiab disclosed that Nigeria is prepared to receive its very first batch of Covid-19 vaccines on Tuesday, March 2, 2021.

This was disclosed by the NPHCDA, WHO and UNICEF in a joint statement on Sunday evening.

The NPHCDA boss said Nigeria has trained front line workers and also has cold storage infrastructure in place to receive the vaccines.

“We are fully prepared to receive and deliver the vaccine to eligible Nigerians as we have commenced the training of health workers and ensure that cold chain facilities are ready at all levels.

“We have a robust chain system that can store all types of Covid-19 vaccine in accordance with the required temperature.

“We are therefore confident that we will have a very effective roll out of the vaccine , starting with out critical healthcare workers, who are in the frontline in providing the care we all need,” he said.

UNICEF chair for Nigeria, Peter Hawkins said that the COVAX facility “has worked exceptionally hard to ensure that Nigeria gets the vaccine as soon as possible so it can start its vaccination programme to the largest population in Africa”

What you should know

  • The National Primary Health Care Development Agency (NPHCDA) disclosed last week  that it has built the capacity to train over 12,000 health workers to manage and administer the Covid-19 vaccines that will arrive in Nigeria soon.
  • The Federal Government confirmed that the first tranche of Covid-19 vaccines will arrive in Nigeria on Tuesday, March 2, 2021.

Continue Reading

Energy

TCN breaks transmission record again in 2021, hits 5,584.40 MW

The TCN has broken its transmission record once again, after hitting a record of 5,584.40 MW.

Published

on

FG set to create at least 5 million jobs for youths in the power sector – Minister of Power , Consortium of Western investors to inject upwards of $5 billion in Nigeria's renewable energy sector, Power: Nigeria's deal with Siemens - the birth of a new era?

The Transmission Company of Nigeria has announced it has broken its transmission record once again, after hitting a record of 5,584.40 MW.

This was disclosed by the Minister of Power, Engineer Sale Mamman in a social media statement on Sunday evening.

Sale tweeted, “A New National Transmission Peak and Maximum Daily Energy at 8:15pm on Friday, February 26, 2021.

“5,580.40 MW at 116,891.14 MW per hour.

“Impressive from everyone at the Transmission Company of Nigeria. We will do better for Nigerians.

In case you missed it

  • The Transmission Company of Nigeria (TCN) announced that it hit a peak transmission of 5,459.50MW on the 28th, October 2020.
  • The Transmission Company of Nigeria (TCN) later announced that it hit a peak transmission of 5,552.80 MegaWatts (MW) in January 6, 2021.

Continue Reading
Advertisement




Advertisement

Nairametrics | Company Earnings