The West African Power Pool (WAPP), is planning to create a Liquidity Enhancement Revolving Fund (LERF) for the region’s electricity market, the Transmission Company of Nigeria (TCN) has said.
Chairman, Executive Board of WAPP, Dr. Sule Abdulaziz, stated this during the 54th meeting of the executive board meeting of WAPP held in Cotonou, Benin Republic, according to a statement by the General Manager, Public Affairs of the organisation, Ndidi Mbah.
“The creation of this fund will provide the ECOWAS regional electricity market with a very important tool for electricity trading by reducing the level of outstanding bills, thereby providing stakeholders in the trade with a high degree of robustness and sustainability,” Abdulaziz stated.
In his remarks, the Secretary General of WAPP Executive Board, Siengui Ki Apollinaire, emphasised that the latest financial statements complied with international standards.
“The 2021 budget was executed transparently and rigorously, and it is with pleasure that I announce that the 2021 consolidated financial statements of our organisation have been declared regular, sincere, and compliant with international standards by a well known independent auditor.
Meanwhile, the federal government has begun the construction of a 132 kilovolts transmission line and a 2×60MVA transmission substation as well as a switching station in Ekiti state to raise the state’s capacity by 204 megawatts (MW).
The Minister of Power, Abubakar Aliyu, according to a statement, during the ground-breaking ceremony in Ado Ekiti, said the project consists of a 50 kilometre stretch of 132kV transmission line from Ikere (Ado Ekiti) with a turn-in-turn-out at Ijesa Isu that terminates at Ilupeju Ekiti.
It also has a 2X60MVA, 132/33kV transmission substation with four line bays at Ijesa Isu Ekiti with a switching station at Ikere (Ado Ekiti) in the state. Aliyu was represented by Abdulaziz at the event.
“For TCN, this is a very strategic project and we believe it will have a massive impact on bulk power transmission in Ekiti and environs.
“The projects are part of the many projects being undertaken by the TCN in pursuit of its grid expansion programme which is in line with Mr. President’s mandate for the expansion of the power sector for sustainable development,” he said.
The minister said that in various transmission regions, nationwide, TCN is equally executing substations and lines projects which are all at various stages of work.
“These are a clear indications that the federal government is not relenting in its determination to ensure that the nation’s power sector receives the desired boost.
“For the residents of Ekiti State and its environs, the additional 204MW capacity to the grid means that more bulk supply will be readily available for offtake by Benin Disco for its customers in Ekiti and environs, he added.
In his remarks, the Governor of Ekiti State, Kayode Fayemi said, the state receives just only 26MW of electricity from the national grid.
He added, “This level of electricity supply is worrisome and grossly inadequate going by the energy need of our population, estimated to be around 150Mw in 2014.”
