FG promises conducive environment for private energy investors

As part of efforts to ensure that the current reforms being undertaken in the sector yield maximum results, the Federal Government has promised to provide the enabling environment for private sector participation in the power sector.

Minister of Power, Adebayo Adelabu, stated this during a facility tour of the Genesis Energy Company at the Port Harcourt Refinery, Rivers State, and commended the Nigerian National Petroleum Company Limited (NNPCL) for its efforts to improve electricity supply in the country.

According to the Minister’s Media Adviser, Bolaji Tunji, in a statement made available to Tribune Online, the partnership would improve sufficiency, efficiency, and reliability of power supply.

“All we need to do as government is just to make sure that we make available the conducive atmosphere and environment for private sector investors to thrive, and to be very comfortable bringing new investment and being assured of recovery of their investment.

“My visit today to the power institution, which is a partnership between Genesis Energy and the NNPC, is to look at the facilities here and to see how the excess power being generated here can be fed onto the national grid,” Tunji quoted the Minister as saying.

Adelabu said the visit would accelerate the take-off of the project and facilitate all the necessary agreements to be entered into.

He added, “It’s something I believe within 90 to 180 days can all be concluded. What matters most is to finalise the infrastructure arrangement to off-take the power from here and supply it to the grid.

“And again, the commercial aspect is very important. At what price, at what tariff are they going to be giving it to Port Harcourt Disco to ensure that the power is taken up and supplied to end-user customers? Even at a price that will also be comfortable and convenient for the end-user customers. That is all they need to do. I don’t think this should take too long. Since I’m here, we’ll track the talks and ensure that it takes off very, very soon.”

Adelabu expressed the readiness of the Federal Government to ensure that the relationship between private sector investors and the government is smooth.

“There are a few things that we are doing as a government to ensure this. Number one is the regulatory environment, I mean the policy environment. You are all aware that we just launched the National Integrated Electricity Policy (NIEP).

“After two decades, we now have such a comprehensive policy. So it is clear to every investor what responsibilities are expected of them and what the government must do to ensure that coming into the power sector is quite easy.

“And it is something that will not lead to losses for any of the private sector investors. So we have a comprehensive policy in place for any investor to look through and understand before they come in. Number two is the regulatory environment, which to a large extent has been consistent and quite friendly to new investors.”

Genesis Energy operates an 84MW gas-fired power project at the NNPC Port Harcourt Refinery (PHRC). The facility, powered by three GE TM2500+ gas turbines (25 MW each), is dedicated exclusively to supplying electricity to the refinery, guaranteeing a continuous and stable power supply essential for refining operations.

The plant operates under a structured scheme where at least two turbines run simultaneously while the third remains on standby to ensure uninterrupted service and rapid response in the event of a trip. Since its commissioning in 2014, the plant has achieved over 99 per cent availability with zero Loss Time Injury (LTI) incidents.