Transcorp Ughelli Power Limited, core investor of Ughelli Power Plc, plans to ramp up the generation capacity of the plant from the current installed capacity of 972mw to 2200mw in the next three years.
Briefing the post privatisation monitoring team from the Bureau of Public Enterprises, BPE, which visited the enterprise last week, the Chief Executive Officer (CEO) of Transcorp Ughelli Power Limited, Engineer Adeoye Fadeyibi, said that on takeover of the plant on November 1, 2013, the core investor inherited only four operational turbines generating, only 160mw of power.
A statement obtained from the BPE yesterday in Abuja said Fadeyibi, who was represented by the Chief Finance Officer (CFO), Mr. Olukunle Fagbayi, noted that by June 2015, the core investor had rehabilitated and made 13 out of the 18 units fully operational and generating about 635mw of available capacity.
He further pointed out that in the company’s generation forecast, by December 2015, the generation capacity would be raised to about 850mw and in December 2017 to about 1650mw and 2200mw in 2018.
He however lamented that due to the quality and quantity of gas available to the plant, only about 350mw could be made available to the grid, noting that another major challenge facing the company was the wheeling capacity of the Transmission Company of Nigeria, TCN.
He tasked the Federal Government on investment in the transmission segment of the value chain of the power infrastructure to strengthen the wheeling capacity of TCN.
He revealed that since takeover in November 2013, the company had engaged an additional 45 staff in its payroll, assuring that Transcorp was going to surpass all the key performance indicators (KPIs) covenanted in its Post Acquisition Plan (PAP).
The Chief Executive also revealed that as part of its corporate social responsibility, the company runs a model school with about 1,000 student enrollment as well as skills acquisition schemes for the host communities.
Recall that the Bureau is charged with monitoring the performances of privatized enterprises to ensure adherence to the tenets of the Share Purchase Agreements (SPAs), Performance Agreements (PAs) and full implementation of investors’ Post Acquisition Plans (PAP).
The BPE Post Privatisation Monitoring team to Ughelli Power Plc was led by the Director, Post Privatisation Monitoring Department, Mr. Chigbo Anichebe.