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Losses in power sector for 2018 hit N475.3b

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Babatunde Fashola, Minister of Power, Works and Housing.

Latest data released yesterday by the Federal Ministry of Power estimated the amount lost to insufficient electricity distribution, inadequate gas supply, poor transmission and low water reserves in the sector in 2018 at N475.329billion.

The data showed that on November 20, 2018 alone, average energy sent out was 4,201 megawatts (up by 62.55MW from the previous day). However, 1,254.2MW was not generated due to non-availability of gas. Also, 987.1MW was not generated due to high frequency resulting from non-availability of distribution infrastructure.

The power sector also lost an estimated N1.076billion on November 20, 2018 due to insufficient gas supply, distribution infrastructure and transmission infrastructure.In a bid to diversify its energy sources and optimise other assets for power production, Nigeria is targeting 30 per cent of its energy needs from renewables by 2030.

The Minister of Works, Power and Housing, Babatunde Fashola, who said that the current component of grid power consisted mainly of gas-fired power (85 per cent) and hydropower (15 per cent), stressed the need to produce an energy mix that targets a 30 per cent component of renewable energy out of the gross energy produced by 2030.

“Let me be clear and unequivocal by saying upfront that our commitment as a nation and government to pursue renewable and low carbon energy at low cost is clear, firm and unshaken. But this is not all. It is a commitment driven by necessity, contract and policy,” he said

According to Fashola, the government had also matched its intent with actions such as signing 14 solar power purchase agreement (PPAs) with 14 developers with the potential to deliver over 1,000 MW of solar power.

“In addition to the necessity to diversify our energy sources from gas and provide some energy security, we are also driven to pursue renewable energy by contract,” he said. To the minister, Africa must intensify efforts at improving transmission grid for renewable energy to be effectively developed on the continent.

The Federal Government recently approved an integrated energy mix targets under Electricity Vision 30:30:30 which targets generation of 30 GW in 2030, with 30 per cent from renewable energy sources.”Africa has trillions of standard cubic feet of natural gas reserves, billions of barrels of crude oil reserves and billions of tonnes of coal,” Fashola said.

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