.Why bidders offered low prices
There are strong indications that the Federal Government of Nigeria may rescind its decision to sell the five power plants under the Niger Delta Power Holding Company Limited (NDPHC)
Presidency sources told energyTIMES that the President’s body language on the sale of the power project does not favour disposal of the brand new plants.
According to sources, expert advice to the President didn’t favour the sale due to financial losses to the government.
The cost of those plants under NDPHC was estimated at over $4billion but to now sell them for $700million will be too ridiculous.
ALSO READS:
- NNPC Ltd/Chevron JV Eye 165,000 bpd Production Target by Dec 2024
- China to establish mini-grid simulation, standardization centre in Nigeria
- Joint entry from UK based Olajide Otitoju, Meihong Wang, Eni Oko wins $100,000 Nigeria Prize for Science 2024
- NNPCL, Chinese firm to co-fund Gwagwalada IPP
- FG grants UTM Offshore license to construct first Floating LNG
The plants can still be regarded as brand new as they have not been fully put to use.
Considering low generation of electricity in the country the affected power stations are seen as low hanging fruits for the BAT government to immediately increase electricity output by over 4,000MW if the government pays serious attention to the plants.
Reads details in Print edition……
