New investors in the power sector would need to make significant investment in maintenance, repair, overhaul and construction of power stations to bridge the huge generation gap plaguing power supply in the country, BusinessDay has learnt.
Nigeria is targeting 40,000 megawatts (MW) generating capacity by 2020, but power generation currently hovers between 2,500MW and 3,500MW for a population of over 170 million people.
The severe power supply crisis rocking many parts of the country since the hand-over to the investors had been largely attributed to a dip in generation capacity.
Mike Uzoigwe, managing director and chief executive officer, Egbin Power Plc, the biggest single power plant in the country, speaking at the 80th anniversary celebration lecture of the CKC Onitsha Old Boys Association, Lagos branch, on Wednesday, said, “There is a huge generation gap that needs to be closed to ensure steady power supply in the country.”
In his presentation on ‘The Nigerian Electricity Power Story: the Way Forward’, he said: “We have found the way forward. It might take time, but it is going to happen. Something significant has been achieved in the last twelve months, but a lot still needs to be done. We need to attain a greater understanding of the journey we have embarked and the pitfalls ahead.”He said the nation needs at least 25,000MW of power generation to ensure stable supply to the population of over 170 million people. The nation achieved peak generation of 4,517MW on December 23, 2012.
While noting the challenge of gas supply to power plants and incessant sabotage of gas pipeline by vandals, he said Egbin power plant which is supposed to be generating 900MW has been doing 500MW in the last three months.
It would be recalled that following the vandalism of the Okpai Power Plant in Delta State at the weekend, power supply to the national grid dropped to about 3,300MW.
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