Ejiofor Alike
As part of its strategies to remain relevant in the competitive electricity market, the Energy Company of Nigeria (ENCON) Plc, a subsidiary of the NEGRIS Group, is shifting focus from building captive power plants to the construction of mega power stations to supply electricity to the national grid.
Chief Operating Officer of NEGRIS Investment Limited, Mr. Musa Ojeifo, told THISDAY at the sidelines of a recent Annual General Meeting (AGM) of the company in Lagos, that the change of focus was in line with the privatisation of the power sector, which had changed the dynamics of the sector.
Ojeifo said with the World Bank partial guarantee to power developers and the establishment of the Bulk Trader, the supply of power to the national grid has been made attractive to investors.
“The strategy is now to transit from captive power development to supplying power to the grid. Grid is the main market in the whole electricity industry. That is why our Ikorodu Power Plant, which will ultimately reach a capacity of 280 megawatts, is for the grid,” he said.
He stated that in line with the power sector reform, the company had re-evaluated its strategies in order to position itself in the new electricity market.
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