Expressing concerns over the current gas shortage, Mokhtar Bounour, the Chief Executive Officer of Egbin Power Plc, highlighted the significant revenue losses and the threat it poses to national power generation.
During a briefing with the Minister of Power, Adebayo Adelabu, at the Egbin Power Plant in Ikorodu, Lagos, Bounour emphasized that the company has been unable to operate the plant at full capacity due to insufficient gas supply.
Despite its capacity to generate 1,000MW, the plant currently only produces an average of 400MW due to the lack of available gas resources.
Discussing the meeting with the minister, Bounour emphasized that the management detailed the challenges faced by the plant and received assurances that these issues would be addressed gradually to enhance performance.
He identified gas availability as a major obstacle, stating, “We are currently grappling with inadequate gas supply which is hindering our full operational capacity and leading to substantial revenue loss.”
Highlighting the longstanding investments and efforts required to maintain the plant’s operations, Bounour emphasized the importance of resolving the gas supply issues promptly.
Additionally, he disclosed that the Federal Government owes the GenCo a substantial debt of N1.4tn.
Addressing the debt concerns, Bounour shared, “We are facing liquidity challenges exacerbated by the government owing us a significant amount. The minister has assured us of impending improvements from April. The sustainability of our operations hinges on resolving these financial obligations.”