From Right: Minister for Power, Works & Housing, Babatunde Fashola, Sen. Ifeanyi Okowa, Delta state governor and Tony Elumelu, Chairman, Transcorp Group, among others as Governor Okowa unveils the new 115MW turbine by Transcorp Power, Ughelli, Delta state on Monday. Photo: Francis Sadhere

By Francis Sadhere, Warri

Minister of Power, Works and Housing, Babatunde Fashola (SAN), on Monday assured local investors in the power sector of resolving all the current challenges they face, including the payment of money due power generation companies promptly.

Fashola who gave assurance during the commissioning of a 115 megawatts Gas Turbine 15 (GT 15) at Transcorp Power Company, Ughelli, Delta state, also charged stakeholders in the oil-rich Niger Delta region to ensure the sustenance of the relative peace currently being enjoyed in the region.

He said, “While we are looking for foreign investors, the President Muhammadu Buharis administration understands that the local investor is the most dependable investor. The local investor is not going to run when the ship hits stormy waters and it is their continuity and commitment to continue to invest that really dignifies the Nigerian economy.

“To the Transcorp groups and other local investors, the Buhari administration heard you loud and clear. We are dealing with the challenges of solving the issues that you face one after the other. One of them as you have referred to is the payment assurance scheme that has now been put in place.

“The power that you now produced will be paid for every day you put it on the grid. That is what that funding is for. You have acknowledged the appointment of a new managing director TCN, it is because we know that when you produce the power unless we want to lose it, it must quickly transport it and that the reason TCN is being reformed.

“We understand also that you need a lot of collaboration down the line until we get to the DISCOs. That is why NEC has been reconstituted. A new government framework to ensure that everybody discharges their obligation and play by the rules, he said.

In his remark, Chairman, Transcorp Group, Tony Elumelu, told guests, including host Governor Ifeanyi Okowa on the occasion that the feat by the Transcorp Power Ughelli has meant a leap from the 160MW capacity inherited when Transcorp bought Ughelli Power in 2013 to 620MW as of today.

He  charged government to assist players in the power sector deliver on their responsibilities to the end users by making money due to them available and reducing the difficulties faced to access gas for their production.

He said, “Power remains close to our hearts and we want to do more in this sector. We want government to assist us to help Nigerians. The two issues I will want to talk about is liquidity and the minister I believe is working on it. Please help us fast-track it so that the monies will come in so that it will address some of the money being owed the sector.

“The new Gas Turbine 15 (115 MW) also comes with 33 per cent simple cycle efficiency and with the successful commissioning and synchronizing of the turbine to the national grid, it has increased the available capacity of our plant from 160 MW (at the time of takeover on November 1, 2013) to 620MW and our corporate goal is to increase our available capacity to 850 MW before the end of the year.”