Transnational Corporation of Nigeria (Transcorp) Plc has disclosed plans to increase the combined available capacity at Transcorp Power Limited (TPL) and Trans Afam Power Limited (TAPL) to 843 megawatt (MW) with the completion of the ongoing upgrade and repairs in both power plants.
Specifically, the company said it plans to raise average available capacity to 677MW and 166MW for TPL and TAPL respectively. The current available capacity for TPL and TAPL are 539MW and 120MW respectively.
Speaking at the company’s ‘Q3’2021 Analysts Presentation and Investors Conference Call’, Owen Omogiafo, President/Group CEO, Transcorp Plc, said the company would leverage strategic relationships to sell its stranded capacity through the West African Power Project (WAPP), partnership with DisCos and eligible customers among others.
“60 percent of the population or 117 million people have some level of access to grid electricity. With a generation capacity of about 32 percent, there is a large gap to be filled in the power industry. Given the gap in the sector and the increasing demand for electricity, the power sector remains an attractive investment choice. Our plants are undergoing significant upgrades and repairs that will significantly increase the available capacity by December 2021.
“We plan to have an extensive engagement with TCN towards resolving several transmission challenges which are affecting our generation and evacuation capabilities,” she said.
On the company’s financial performance for the third quarter ended September 30, 2021 (Q3’21), Omogiafo said the company grew its Profit After Tax (PAT) by 672.1 percent to N13.5 billion from N1.75 billion, also showing 101 percent Year-on-Year (YoY) growth higher than the pre-Covid-19 level.
The group’s gross earnings rose to N85.59 billion from N54.38 billion in Q3’20, representing 57.4 percent increase.
