03 March 2018, Lagos — Egbin Power Plc has said its target by April 2018, is to achieve generation of 1,320 megawatts.
The chairman of the company, Kola Adesina who made the statement, hinted that despite the challenges in the sector, Egbin Power in the last five years post-privatisation, has continued to boost its electricity generation capacity to the national grid.
“From less than 400MW, Egbin Power is generating 1,100MW and shall attain 1,320MW in April 2018″.
He revealed that the company has been battling with change in policies, including operational challenges caused by inability to keep to contractual obligations from day one, the absence of a cost reflective regime, foreign exchange variance of over N200 per naira and an inflation rate that rose from 8% at takeover to 18-19%, as well as over N140billion debts owed generation companies by Nigerian Bulk Electricity Trader (NBET).
According to him, the company will proceed with its Egbin expansion plans.
“We are determined to forge ahead with our plans believing that everything would come together soon. We are going to look for private capital to do that. We are engaging several partners in the quest to raise more capital. We are currently in discussions with some respected international organizations on various partnership models. That would give us about 3,120MW in four years’ time. But, we hope to attain a 5,000MW capacity in the next five years,” he said.