BREAKING NEWS, Business
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KEPCO Energy Resource Limited, KERL, has injected N46 billion in Egbin Power Plc since takeover in November 2013.
Dallas M. Peavey, Jr., managing director/ chief executive officer of the Egbin Power Plc, disclosed this while receiving officials of the Bureau of Public Enterprises, BPE, who were on a monitoring visit to the enterprise at Egbin, Lagos State on Wednesday, November 25.
Peavey stated that the power plant which currently generates an average of 1,100MW recently had its first major overhaul in 30 years with a total overhaul of Units 4, 5 and 1, allowing the units to peak at its 220MWs each at its installed capacity.
Peavey said that the power plant which hitherto was operating less than 50 percent capacity prior to its takeover was now operating at over 85 percent with the fixing of Unit-06 which was not operational for eight years.
He disclosed that preliminary work had started for the building of an extra 1,350MW combined cycle plant.
Peavey further revealed that 107 graduate engineers had been employed and were currently being trained for a year to progressively replace the aging population of the workforce.
He added that inadequate gas supply, non-payment or delayed payment of proceeds of power sales with an outstanding cumulative balance for 10 months amounting to over N40 billion; delay in disbursement of the Central Bank of Nigeria, CBN, intervention fund for legacy debt among others as the challenges facing the company.
Earlier, Ignatius Ayewoh, leader of the BPE monitoring team, a deputy director, Post Privatisation Monitoring Department, said the purpose of the monitoring visit was to assess the performance of the power plant since takeover to ensure compliance with all the tenets covenanted with the government.
He commended the management of the company for the aggressive turnaround recorded so far, adding: “from what the team had seen on ground, Egbin Power Plc is up and running.”
— Dec 1, 2015 @ 18:30 GMT
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