Delta State Govt invests N4.5bn in three power companies

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uduaghanDelta State Government on Thursday said it has invested the sum of N4.5billion equity shares in Benin Electricity Distribution Company (BEDC), and Ugelli and Sapele generating companies (GenCos) in the current federal government power sector reform.

BusinessDay reported that last Friday, the federal government finally handed over the physical assets of Power Holding Company of Nigeria (PHCN) to their new ownership.

The Benin Electricity Distribution Company (BEDC) was handed over to the management of Vigeo Power Company, Ughelli generating company to Transcorp Plc while a consortium made up of Nigerian, Chinese and British companies bought over Sapele generating company.

Charles Emetulu, the state commissioner for energy who gave the hint in Asaba at the on-going mid- term ministerial press briefing said the decision was to ensure adequate power supply in the state as well as to support the development of the power supply infrastructure in the country.

Emetutlu who said that power generation and distribution is capital intensive noted that consumers have by the development going to spend more money for power consume as cost of purchasing tariffs would be shore up.

He however assured that within the next three to four years there would be adequate and stable power supply in the state as well as in the country.

By: IDRIS UMAR MOMOH