News

In Letter to NERC, DisCos Exonerate Selves From Poor Electricity Market

In a letter to the Nigerian Electricity Regulatory Commission (NERC) dated June 29, distribution companies (DisCos) noted that COVID-19, debt-laden balance sheet, stringent rules on remittance and the introduction of an untested tariff model further weakened electricity market,

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Shells $22bn Loss Waves Warning Flag to Nigeria's Indigenous Oil Companies

The future of most Nigeria’s indigenous oil companies may be under major threat as Shell, one of the world’s largest oil companies, has warned that it would write off up to $22 billion from the value of its assets after the spring’s oil price crash, a concession that in an age o

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Saudi Prince Calls Buhari Amid OPEC's Push for Oil Cuts

Saudi Arabia, de facto leader of the OPEC cartel, held a call with fellow member Nigeria as the organization strives to deliver production cuts aimed at bolstering global crude markets, according to Bloomberg.

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GENCOS Threaten Force Majeure If New Electricity Tariffs are Delayed

Electricity generation companies (GenCos) say they will declare a force majeure and down tools if the Federal Government goes ahead to delay the commencement of the new service tariff plan billed to start July 1.

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N1.72trn After, Nigeria Bids Farewell to Electricity Subsidy

Nigeria is set to quit the expensive habit of subsidising electricity consumption for its people which has cost the country a staggering N1.72 trillion in five years, BusinessDay has learnt.

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States Gave FG Control Over Their DisCos' Shares, Trouble is Getting it Back

Contrary to the Federal Government’s claims that state governments are trying to assume ownership of the DisCos, evidence shows that the states’ investments in DisCos’ equity give them a right to stake a claim.

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Oil Set For Second Weekly Loss Since April on U.S. Virus Fears

Oil Is headed for a weekly decline — only the second since April — as a surge in U.S. coronavirus cases clouded the demand outlook, though the pessimism was tempered by huge cuts to Russia’s seaborne crude exports.

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Oil Climbs to Three-Month High on Demand Strength, Trade Hopes

Oil climbed to a new three-month high as signs of improving demand buoyed a market momentarily roiled by confusion over U.S.-China trade.

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DisCos Face Bleak Future Over N930bn Debt in Unpaid Invoicesowed NBET

A grim picture of the finances of Nigeria’s electricity distribution companies (DisCos) is emerging after a reconciliation of the invoices and payments between them and the Nigerian Bulk Electricity Trader (NBET) showed that the 11 DisCos owe a combined sum of N622.4 billion plus N308

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Development Financing Offers Path to Metering All Electricity Customers

With over N40 billion monthly loss due to poor collections by power distribution companies (DisCos), mass metering of every electricity user can cut down losses and multilateral institutions are best positioned to provide financing, experts say.

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