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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.

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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.

READ: TCN declares war on TUC over attempt to halt power transmission

READ: TCN pushes for DisCos’ recapitalisation

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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.

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    Business News

    FG reacts to reports of revoking 32 refinery licenses

    The FG has denied revoking 32 refinery licenses that were issued to some private companies across the country.

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    Edo Refinery and Petrochemicals Limited's operations to kick-start

    The Federal Government has denied revoking 32 refinery licenses that were issued to some private companies across the country.

    The reaction follows reports making the rounds in some section of the media that the government has revoked some refinery licenses that it had earlier issued within a period of 3 years.

    This clarification is contained in a statement issued by the Head, Public Affairs of the Department of Petroleum Resources (DPR), on behalf of the agency on Tuesday, April 13, 2021, in Lagos.

    The DPR said that the refinery licenses have validity periods for the investors to achieve certain milestones and would become inactive after its expiration until the company reapplies.

    READ: Nigeria’s debt sentence: The burden of the Port Harcourt refinery

    What DPR is saying

    The DPR in its statement said, “We wish to clarify that DPR did not revoke any refinery licence. Refinery licenses, like our other regulatory instruments, have validity periods for investors to attain certain milestones.

    This implies that after the validity period for the particular milestone, the licence becomes inactive until the company reapplies for revalidation to migrate to another milestone. This does not in any way translate to revocation of the licence of the company.”

    READ: FG explains why it revoked 4 Addax Petroleum Oil Mining Licenses

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    The DPR, in line with the aspirations of the government, initiated the refinery revolution programme of the country to boost local refining capacity by enabling business and creating new opportunities for new investors with the granting of modular and conventional refinery licenses to investors.

    He emphasized that the regulatory agency would continue to support investors in the oil and gas industry in Nigeria using its regulatory instruments such as licences, permits and approvals to stimulate the economy and align with the government’s job creation initiatives.

    READ: FG to extend fuel subsidy for 6 months

    In case you missed it

    Earlier on, some media reports suggested that the DPR had revoked refinery licenses that were issued to some companies for being inactive beyond the validity period. These refineries include modular refineries and conventional plants.

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    Business News

    FG to extend fuel subsidy for 6 months

    Reports indicate that the FG plans to spend N720 billion for the next 6 months on Premium Motor Spirit (PMS) subsidies.

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    Subsidy and PIB, petrol price, PPPRA, We have sufficient PMS stock for 38 days- DPR 

    The Nigerian Government may have suspended plans to end its subsidy payments as reports indicate that the FG plans to spend N720 billion for the next 6 months on Premium Motor Spirit (PMS) subsidies.

    This was disclosed in an exclusive report by The Guardian on Sunday, citing that President Muhammadu Buhari ordered that the subsidies remain in place for the next 6 months.

    “Specifically, President Buhari has asked the Nigeria National Petroleum Corporation (NNPC) to suspend any idea on subsidy removal for five to six months so that a plan that does not harm ordinary Nigerians is evolved if the deregulation must go on,” a Government official said.

    READ: FG to meet with State Governors over electricity, fuel prices

    What you should know 

    • NNPC GMD, Mele Kyari disclosed last month that the “NNPC may no longer be in a position to carry that burden because we cannot continue to carry it in our books,” after reports of fuel imports under-recovery revealed the FG was spending N120 billion a month on subsidy.
    • Kyari also hinted that they may soon start selling PMS at market prices saying: “NNPC importing PMS at market price and selling at N162/L. The actual market price should be between N211 and N234/L. Meaning is that consumers are not paying the market price.
    • “NNPC is currently the sole importer of PMS, and we’re trying to exit the underpriced sale of PMS. Eventual exit is inevitable, when it will happen I cannot say, but engagements are ongoing because the government is cognisant of the implications.”

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