N110Bn Debt Threatens Egbin Power Plant Operations

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Oluwatosin Lamidi

Nigeria may again experience total darkness with over N110 billion debts threatening the operations of Egbin Power Plc.

The Managing Director of the plant, Mr Dallas Peavey at an interactive session with journalists yesterday warned that the country is heading towards another blackout by next week as liquidity, poor transmission and gas supply issues stand against seamless operations at Egbin Power Plant.

According to him, Egbin Power Plc with is the largest power generation company in Nigeria, is indebted to banks, gas producers and Korean Electricity Power Company (KEPCO).

He said the plant also doubles as biggest single power generating station in Africa with an installed capacity of 1320 megawatts consisting of six units of 220MW each was being forced to gradually shutdown due to adverse effect of grid instability that endangers its turbines.

He said inadequate gas supply to generate at optimal capacity as well as the huge debts owed the company by federal government owned Nigerian Bulk Electricity Traders (NBET) and Market Operator are posing serious threat to the plant operations.

He noted that Nigeria’s electricity supply may get worse in the coming weeks as liquidity, transmission and gas supply issues are threatening the operation of its biggest power station, Egbin.

“Let me be honest, if Egbin fails, it’s going to be dark as Egbin provides close to 30 per cent of Nigeria’s power, so let the required intervention be completed and urgently too, however, the Egbin turbines are ready to light up Nigeria,” Peavey said.

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