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Egbin records shortfall, mulls $40m investment in turbines

Nigeria’s biggest power generation firm, Egbin Power Plc., yesterday, declared that it recorded a shortfall of about 360 megawatts (MW) generation. Chairman of the company, Temitope Shonubi, who declared this during the launch of 20 electricitypowered buggies and 500 electric-powered bicycles at the plant in Lagos, revealed the company’s plan for fresh $40 million investment in the overhaul of two turbines in its system.

Fielding questions from newsmen, Shonubi said: “We, at Egbin, also have the capacity to evacuate 860MW, but today, we generate only slightly above 500 MW. “What we do today is going to determine how the future will be.

With this effort, we are equipping ourselves for tomorrow.” Stating that Nigeria’s power sector still held the key to industrialisation and economic emancipation, Shonubi maintained that all stakeholders’ collaboration was needed to fix the industry.

“The N2 billion annual spending by the government for electricity subsidy is not sustainable. “About 360MW, in essence, are not trapped ungenerated due to multifaceted factors. “One of these is gas, another is TCN (Transmission Company of Nigeria), and another is internal issue.

For instance, we will need $20 million for the overhaul of each of the two steam turbines in our system,” he said. On the electricity-powered buggies and bicycles launched by his company, Shonubi said: “The buggies and bicycles were 100 per cent manufactured in China, but assembled in Nigeria. “Although the buggies and bicycles are presently for transportation of staff, 40 million Nigerians are being targeted.” Expressing optimism over the success of the new ventures, the Egbin chairman said: “Tesla doubled the value of Shell and all Tesla does is electricity.”

 

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