Uche Cecil Izuora The Nigerian Electricity Regulatory Commission (NERC) has blamed the drop in electricity generation in Q4, 2024, to plunge in energy offtake by the grid-connected customers, including Distribution Companies (DisCos) compared to 2024/Q3. The average hourly generation on the grid in 2024/Q4 was 4,207.41MWh/h, which translates to a total generation of 9,289.95GWh, while average hourly generation of grid-connected power plants decreased by 72.83MWh/h (-1.70 per cent) from 4,280.24MWh/h in 2024/Q3. “The total electricity generated in the quarter also decreased by 160.81GWh (-1.70 per cent) from 9,450.76GWh in 2024/Q3 to 9,289.95GWh. The decrease in generation during the quarter…
Author: Orientalnews Staff
Joseph Bakare The Nigerian Electricity Regulatory Commission (NERC) has disclosed that the six international bilateral customers being supplied electricity by Electricity Generation Companies (GenCos) in the Nigerian electricity supply industry made a payment of $5.21 million against the cumulative invoice of $14.05 million issued by the Market Operator for services rendered in 2024/Q4, amounting to a remittance performance of 37.08 percent. The information was obtained from the Q4, 2024 report by the market operator. “Similarly, the domestic bilateral customers made a cumulative payment of N1,252.58 million against the N1,977.02 million invoice issued to them by the MO for services…
Uche Cecil Izuora The Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), has advised the Federal Government to weigh the consequences of sustaining the Naira-for-crude oil transaction framework. According to the Executive Secretary of the Association, Olufemi Adewole, the policy not only presents significant risks that could affect Nigeria’s foreign exchange stability and deter Foreign Direct Investment (FDI), the country also risks isolation from global market. Adewole highlighted concerns over the volatility of the Naira, emphasizing that crude oil transactions are traditionally carried out in U.S. dollars due to its stability and global acceptability. He cautioned that failure…
Uche Cecil Izuora Record-high temperatures, higher demand from industry and for electrification, and AI and data centers contributed to a 4.3 per cent rise in global power consumption in 2024, according to International Energy Agency (IEA) annual report Global Energy Review 2025. Surging power demand in both developed and emerging economies accelerated global energy demand growth in 2024 to nearly twice the pace of recent years, the Agency said on Monday. The rise in power demand last year was nearly double the annual average over the past decade. As a result, the world’s overall energy demand increased by 2.2…
Uche Cecil Izuora The global oil market is likely to witness the highest amount of new oil supply in a decade. According to data analyzed by Raymond James showed projected global additions of nearly 3 million barrels daily. Raymond James Financial, Inc. is an American multinational independent investment bank and financial services company providing financial services to individuals, corporations, and municipalities. Bloomberg reported the Raymond James figures, noting projects such as the giant Tengiz field in the Kazakh section of the Caspian Sea—one of the largest oil discoveries in modern times and the Bacalhau field in Brazil, which has an…
Yemisi Izuora Dangote refinery jet fuel export especially to North America has highlighted its potential to reshape global fuel trading dynamics by creating a new swing supplier in the Atlantic Basin. Already, the U.S. jet fuel imports are set to hit a two-year high in March after the refinery pushed barrels to North America, which should lower prices of the aviation fuel in the peak summer travel season, trade analysts and storage brokers said. It has already shown signs of success in competing with European refiners on gasoline exports, and the jet fuel shipments to the United States could…
Premium Times It appears that savagery flows through the veins of the Air Force personnel in Lagos who invaded the headquarters of the Ikeja Electricity Distribution Company (IKEDC) early this month. They smashed offices and de-humanised many of the workers on site because the company cut off their barrack’s electricity supply due to an unpaid N4.34 billion debt. In truck loads, the fully armed soldiers landed and scaled fences into IKEDC’s premises, pointing guns at hapless civilians. Office equipment were vandalised, especially ICT infrastructure, including closed-circuit television cameras (CCTVs), to prevent their being identified. Members of staff were forced to…
Ken Okeke The Federal Airports Authority of Nigeria (FAAN) has temporarily shut operations at the Samuel Ladoke Akintola Airport (SLAA), Ibadan, to enable upgrade works targeted at improving the infrastructure to an international status. In a statement signed by Mrs. Obiageli Orah, FAAN’s spokesperson, the Authority confirmed that the Federal Government had approved the closure, adding that the Nigeria Airspace Management Agency (NAMA) has consequently closed the runway and suspended airport operations in accordance with the International Civil Aviation Organisation (ICAO) regulations. Orah added that the upgrade is coming on the heels of the…
Yemisi Izuora Polaris Bank has reaffirmed its commitment to gender equality and women’s empowerment through its International Women’s Day (IWD) Seminar, themed: “Accelerating Action: Breaking Barriers & Creating Equal Opportunities”. The event provided a platform for thought leaders, professionals, and advocates to emphasize the urgent need to accelerate action towards gender equality by breaking barriers and creating equal opportunities for women across all sectors. Speaking at the event, Polaris Bank’s Executive Director, Mrs. Abimbola Ozomah conveyed greetings from the Managing Director/CEO, Management, and Staff of the Bank, highlighting the importance of the day. “International Women’s Day…
Yemisi Izuora Leadway Group, has reaffirmed its commitment to honouring and empowering women by celebrating the first anniversary of its women’s community, Hersurred. Since the launch of this women-focused initiative in 2024, Hersurred has been dedicated to equipping women with the essential information, tools, and networks needed to thrive. The anniversary theme, “Here for Her,” celebrates the achievements of every woman and provides an opportunity for women to connect, access mentorship, gather information, and take the necessary steps to accelerate efforts toward closing existing gaps in women’s empowerment. Building on the inaugural event’s success, which…