Ibom Power Company Limited plans to expand on its current investment by building a 500MW power plant in addition to its current 190MW.
Speaking to Energy Editors in Uyo, Akwa Ibom State, at the weekend, the power firm’s Managing Director, Engr Meyen Etukudo, said the licence acquired was for 685MW and had been renewed until 2028.
He stated that one of the challenges confronting the power plant was its host Disco’s inability to absorb the amount of power generated.
He stated that this is a giant leap that has not been recorded anywhere in the country, and that the government of Akwa State Ibom is the first to record such feat.
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He stated that Governor Emmanuel Udom made the decision not to wait for the Federal Government to invest in the project through TCN because it would go a long way toward resolving the power supply challenges that industries in the state face.
He stated that the State Government’s gesture was also intended to ensure that schools and hospitals have uninterrupted power supply, and that it was regrettable that the State Government was doing all of this on its own, with no assistance from anywhere.
He claimed that if the Governor had all the powers, he would have done far more to transform the country’s electricity sector, claiming that the Federal Government’s 40% stake in the Port Harcourt Electricity Distribution Company has prevented him from making the desired investment in that regard.
Etukudo stated that Akwa Ibom is fortunate not to have faced gas challenges, stating that the gas pipeline laid to Ibom Power is sufficient to take approximately 400 million standard cubic feet of gas (scuf), which is sufficient to cover phase two of the 500MW power plant.
Concerning debt, he stated that the power plant has not received 30% of its invoice from Nigerian Bulk Electricity Trader since he took over in 2016. (NBET).
Currently, he claims that NBET’s debt to Ibom Power is in the billions of Naira, and that if it invoices N1 billion, it only receives about N300 million in payment.