By Nick Cunningham On Thursday, Brent topped $80 per barrel for the first time since November 2014, breaching a psychological threshold amid tightening inventories and widening geopolitical risk. Yet, even as oil prices have rallied to their highest point in three and a half years, investors have pared back their bullish bets on oil futures….
The Federal Government has provided more details on the N72 billion financial facility it plans to provide for the 11 electricity distribution companies (Discos) in Nigeria to upgrade and expand their networks. It said the facility would be a shareholder loan which the Discos must be willing to match or it would be converted to…
Electricity consumers in the country on Wednesday accused electricity distribution companies in the country, saying they have failed to provide uninterrupted and cost friendly power to the citizens almost four years after they took over the successor companies of the defunct Power Holding Company of Nigeria (PHCN). They spoke at the on-going House of Representatives,…
By Energy Worth Following the recent blackout witness in some part of Anambra and Enugu State, Enugu Electricity Distribution Company (EEDC) has installed a brand new 15MVA power transformer at its Nibo Injection Substation in Awka, Anambra State. According to the Head, communications, EEDC, Mr. Emeka Ezeh, he noted that the company made a huge…
By Energy Worth The National Economic Council (NEC) has directed the Nigerian National Petroleum Corporation (NNPC) and other agencies in the country to refund unremitted revenues in the sum of N8trillion (about $21billion) and another N526billion into the Federation Account. The council, headed by Vice President Yemi Osinbajo, consists of governors of the 36 states…
The Adamawa State government on Wednesday pledged to partner with the Niger Delta Power Holding Company (NDPHC) Limited on several power projects including solar. A statement from the company quoted Mr Martins Babale, the Deputy Governor of the state, as disclosing this when he received Mr Chiedu Ugbo, the Managing Director/CEO, NDPHC, who led the…
The House of Representatives Committee on Privatisation and Commercialisation has postponed its meeting with the power generation companies, GENCOs, in the country. The committee had last week sent a letter to the management of Egbin power plant notifying them of meeting on today in Abuja. The meeting was meant to address issues found to be…
By Energy Worth Nigeria’s first nuclear power plant, with the capacity to generate about 1,200 megawatts of electricity, will be ready for commercial purposes by mid-2020, the Nigeria Atomic Energy Commission has said. NAEC stated that the country had been making progress in the push to diversify its energy sources, adding that the commission as…
By Nick Cunningham International regulations on the fuels used in shipping could tighten the oil market and push prices up to $90 per barrel in the next two years. The International Maritime Organization (IMO) has new rules coming into effect at the start of 2020 requiring shipowners to dramatically lower the concentration of sulfur used…
By Nick Cunningham International regulations on the fuels used in shipping could tighten the oil market and push prices up to $90 per barrel in the next two years. The International Maritime Organization (IMO) has new rules coming into effect at the start of 2020 requiring shipowners to dramatically lower the concentration of sulfur used…
