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Power sector loses N324.3bn in 8 months

Nigeria power sector has lost not less than a whopping N324.3 billion this year, due to gas constraints and poor distribution network, latest data from the advisory power team in the office of Vice President Yemi Osinbajo has shown.

The latest power generation report, showed that 3,700 megawatts (Mw) of electricity could not be generated on August 20 due to unavailability of gas, poor transmission and distribution network, and high frequency.

As a result, the sector lost N1.786 billion same day.

A report by the advisory power team in June showed that the sector lost N201 billion revenue in 6 months — from January 1 to June 5.

The data indicated that a total of N201, 298,000,000 loss was recorded due to repeated shortfalls in gas supply to power generation companies (GenCos), the inability of the Transmission Company of Nigeria (TCN) to effectively transport electricity from GenCos and operational limitations of power distribution companies (DisCos).

The Executive Secretary, Association of Power Generation Companies (APGC), Joy Ogaji, warned of likely nationwide blackout over the inability of the TCN to transmit available volume of electricity generated into the national grid.

She complained that load shedding and power fluctuations in the country had resulted in low efficiency in the power system, adding that TCN could only transmit an average of 3985.15Mw, 53 per cent of the available capacity of 7484.88Mw produced daily by the GenCos

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