Monday, November 04, 2013
Forte Oil Plc has taken possession of the the 414 megawatts Geregu Power Plant following the formal hand over of complete operational control at a brief ceremony.
The purchase was done through the Company’s (Forte Oil Plc) subsidiary, Amperion Power Distribution Company, made up of a consortium of Forte Oil Plc as majority holder and Shanghai Municipal Electric Power Company (SMEPC), the world's largest power company.
Forte Oil PLC had acquired Geregu Power as part of its diversification from its primary business of petroleum products marketing in order to carve a niche for itself in the power generation sector through the increase in the current capacity of the plant to over 600MW in the short to medium term.
The optimisation, according to Forte Oil, will be a demonstration of the company’s commitment to help bridge the current power deficit in Nigeria and help actualize the expectations that Nigerians have of the power sector.
Vice President Namadi Sambo, GCON, had said during the handing over of the plants that ”this handover ceremony is the culmination of 14 years of painstaking efforts by the NCP and its Secretariat, the Bureau of Public Enterprises (BPE), the Federal Ministry of Power and other key stakeholders to reform and liberalize Nigeria’s electricity industry. This reform and privatization programme is rightly focused on the big picture, that is, the impact on the economy as a whole and ultimately, the greatest good for the greatest number of Nigerians.”
The Geregu Power Plant was commissioned in 2007 with three Siemens open cycle gas turbine power generation units totaling 414MW of installed capacity. The three operational units have a rated capacity of 138MW each, and are fueled with gas from two pipelines from a Natural Gas Treatment Plant. These are able to satisfy the fuel requirements of 3 units running on a full load of 414MW.