The Nigerian Electricity Regulatory Commission (NERC) has issued new electricity generation licenses to several companies, including Golden Penny Power Limited and MTN Communications Nigeria Limited.
Issuance of New Licenses
According to a statement by NERC, it issued nine new off-grid electricity generation licenses in the first quarter of 2024 with a gross capacity of 109.69 megawatts and three new trading licenses.
Electricity Generation Details
MTN was granted a permit to build four captive generation plants across Lagos State with a capacity of 15.94 MW. Golden Penny Power Limited obtained a license to construct six off-grid gas plants in Lagos, Oyo, Ogun, and Cross River states with a total capacity of 100 MW. Captive power generation licenses were also issued to SweetCo Foods Limited, African Steel Mills Nigeria Limited, West African Ceramics Limited, Royal Engineered Stones Limited, and Armilo Plastics Limited.
MTN Group Revenue Drops
Earlier today, MTN Group reported a slump in group service revenue by 20.8% to 85.3 billion rands in the first half of 2024. The revenue decline was attributed to the devaluation of the Nigerian naira and operational challenges in Sudan. At the same time, service revenue in South Africa increased by 3.3%, while Nigeria's revenue fell by 52.9%.
The issuance of new electricity generation licenses indicates the ongoing development of the energy sector in Nigeria, despite current economic challenges.
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