Egbin Power PLC, in Lagos has released its maiden sustainability report which signposts its commitment to operating in tandem with global best practice whilst enhancing power generation to boost access to affordable, reliable and sustained energy in Nigeria.
Entitled ‘Building a sustainable future’ the Report is the first of its kind in Nigeria’s power sector.
It highlights Egbin’s current status since its privatization in 2013; its values and governance model; alignment of the company’s strategy with its commitment to a sustainable global economy; socio-economic and environmental impact of its activities and the roadmap for future plans.
Speaking on the report, Egbin’s Chairman, Mr. Kola Adesina said: “We are delighted to unveil Egbin’s maiden sustainability report as it reinforces our resolve to ensure sustainable growth for the company having achieved major milestones since the new management took over on November 1, 2013.
Egbin remains committed to working with all stakeholders as we seek to establish Egbin as a foremost industrial hub for economic growth and development.”
Sahara Group, working through a special purpose vehicle in collaboration with Korea Electric Corporation (KEPCO) acquired majority shareholding to complete Egbin’s privatization in 2013.
Following its privatization, generation capacity in Egbin grew from an average of 400MW to hit 1100MW in 2015 for the first time since its inception; with the company already planning to double the plant’s capacity by 2020.
Adesina noted that whilst the report covers the period from January 1 to December 31, 2015, references are made to activities from the point of takeover of the plant in 2013.
“It’s a celebration of our success and recognition of areas where we could have performed better. In addition to reiterating our continuing quest for sustained outstanding performance, it also demonstrates our commitment to transparency and best practice for the benefit of all our stakeholders.”
Egbin’s sustainability report was developed using the Global Reporting Initiative (GRI) framework and provides a metric for measuring the company’s financial and non-financial performance.
The report employs the GRI G4 “In Accordance” Option of the Sustainability Reporting Guidelines and the supplement dedicated to the Electric Utilities sector issued in 2013.
The report includes disclosures on key indicators in areas material to Egbin’s stakeholders including the level and capacity of energy generation, economic performance, workforce diversity, safety report, conservation and biodiversity management as well as strategies targeted at improving performance in these areas.
Adesina said the management of Egbin is hopeful that sustainability reporting in the power sector would help ensure that the interests of all stakeholders are taken into account across all points of the sector’s value chain. “We intend to make this an annual publication and hope it will inspire other operators in the sector to follow suit.
We believe Egbin has once again raised the performance bar in the sector as we work towards using the principles of sustainability to achieve our goal of optimising our generation capacity through quality human capital, continuing investments, consideration for socio-economic and environmental issues and strategic alliances that will open new frontiers for Egbin across Africa,” he stated.
The intended audiences for the report include Egbin’s shareholders, customers, employees, suppliers and other third party business partners, government and regulatory organizations, local and foreign institutional investors, international agencies and the general public.
These stakeholders are directly and indirectly impacted by the activities of the organization.