Fast Market Research recommends "Nigeria Power Report Q4 2012" from Business Monitor International, now available
Boston, MA -- (SBWIRE) -- 12/05/2012 -- BMI View: Plenty of work is necessary if Nigeria is to extend market coverage and boost capacity, which is needed in order to ensure that power shortages become a thing of the past. There are numerous opportunities in renewables, but investment prospects remain poor. The promise of nuclear over the long term is likely to go unfulfilled, so Nigeria will likely remain over-dependent on oil, gas and hydro resources. Privatisation and regulatory reform appears to be making progress, which should help boost capacity.
The Nigerian Electricity Regulatory Commission (NERC) in September 2012 said it sees the federal government achieving the 4,500 megawatts (MW) of power target set for the country by the end of 2012. This is based on its market model benchmark. It also believes that the government would attain 7,000MW by December 2013.
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Key trends and recent developments in the Nigerian electricity market include:
- Several international and local companies expressed strong interest in the acquisition of the 17 generation companies created from the unbundling of Nigeria's Power Holding Company of Nigeria (PHCN), according to statements issued by the country's Bureau of Public Enterprises (BPE) and its National Council on Privatisation (NCP). Ughelli Power, controlling installed capacity of 972MW, attracted the highest interests with nine bids, while Shiroro Hydropower had the least number of bidders with only one potential investor.
- In June 2010, the government revealed that the country will need to spend around US$6bn a year on electricity generation and distribution if it wants to become one of the 20 most industrialised nations in the world by 2020.
- US-based General Electric (GE) has entered into a memorandum of understanding (MoU) with the government of Nigeria in order to make an investment of US$10bn in new power plants, according to a power ministry spokesman. The company is to own a 10-15% equity stake in the power plants, with the Nigerian government aiming to construct gas-fired stations that could capitalise on its gas reserves.
- During the period 2012-2021, Nigeria's power generation is expected to increase by an annual average of 6.69%, reaching 43.3TWh. Driving this growth is an annual 7.7% gain in gas-fired and a 5.8% rise in hydroelectric generation.
- Nigeria has abundant renewable energy resources, led by solar energy, biomass, wind and hydropower, with potential existing for geothermal and tidal power. The current state of renewable power generation use is very low. There is a lack of appropriate policy and regulatory and institutional framework to stimulate demand and attract investors.
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