Olusola Bello
The Ibom Power Plc is consolidating on its existing investment and also targeting construction of a 500MW power plant in addition to its current 190MW.
Meyen Etukudo, managing director of the power firm, who disclosed this while addressing journalists said the licence acquired was for 685MW which has been renewed till 2028.
According to him, one of the major constraints the company has is the inability of its host DisCo, Port Harcourt to take the quantum of power it generates.
‘‘For instance, if I generate 100MW of electricity and the Disco is only able to take 60MW, I send the remaining 40MW to the grid at the National Control Centre in Osogbo, Osun State. But if the Disco can take everything I generate, there is no point sending it to the grid.
He lamented that the inability of the host DisCo and the Transmission Company of Nigeria (TCN) to invest in infrastructure upgrade was a major setback to the state, saying the Akwa Ibom State government has however taken up the responsibility of TCN by building 132/33KVA and 260MVA at Ikam which he said Vice President Yemi Osinbajo, commissioned in 2020.
He said this is a giant leap that has not been recorded anywhere in the country, saying the Akwa State Ibom government is the first to record such feat.
He said Governor Emmanuel Udom, took the decision not to wait for the Federal Government through TCN to invest in the project because it would go a long way is solving the power supply challenges confronting industries in the state.
He said the gesture by the State Government was also to ensure that the schools and hospitals also enjoy uninterrupted power supply, saying it remained regrettable that the State Government was doing all this alone without help from anywhere.
He said if the Governor had all the powers, he would’ve done far more to transform the electricity sector in the country, saying the 40 percent stake of the Federal Government in the Port Harcourt Electricity Distribution Company has prevented him from making the desired investment in that regard.
Etukudo said Akwa Ibom is blessed not to have had gas challenges, saying the gas pipeline layed to Ibom Power is enough to take about 400 million standard cubic feet of gas (scf) which is enough to take care of phase two of the 500MW power plant.
On debt, he said the power plant since 2016 when he came on board has not been able to receive 30 percent of its invoice to Nigerian Bulk Electricity Trader(NBET).
Currently, he said NBET indebtedness to Ibom Power runs into billions of Naira, adding that if it invoice N1 billion, it only gets about N300 million payment.
