Power Today. EDITORIAL Reviewed gas price may raise electricity tariff. As of September 11, 2014: Peak Generation.
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1 A P U B L I C A T I O N O F T H E E N E R G Y & I N F R A S T R U C T U R E G R O U P O F P E R C H S T O N E & G R A E Y S Volume 4, Issue 5 EDITORIAL Reviewed gas price may raise electricity tariff AT THIS TIME, IT REMAINS UNCLEAR WHETHER THE GENERATION OR DISTRIBUTION COMPANIES WILL BE ASKED TO BEAR THE COST OF THE IN- CREASE AND CONTINUE SUPPLYING AT THE CUR- RENT PRICES, OR WHETHER THE COST OF THE IN- CREASE WILL BE PASSED ALONG THE ELECTRIC- ITY SUPPLY CHAIN AND THUS REFLECTED IN CON- SUMER TARIFF. Pursuant to Section 76 of the Electric Power Sector Reform Act 2005 (EPSRA), the Nigerian Electricity (NERC) is empowered to regulate the Nigerian Electricity Supply Industry (NESI) and establish one or more tariff methodologies for regulating electricity prices. Accordingly, it introduced a Multi-Year Tariff Order (MYTO), which provides the framework/ methodology used in determining the NESI s pricing structure. MYTO provides a 15 year tariff path with minor and major reviews biannually and every five years respectively to keep tariffs in line with current realities. These reviews take into consideration variables like rate of inflation, gas prices, foreign exchange rates, actual daily generation etc in determining the applicable retail tariffs. In view of this, it is ex- pected that the recent upward review of domestic gas prices from $.1.50 to $3.30 per metric cubic foot (mcf) may consequently cause an increase in the electricity tariff for domestic consumers in the next review. Considering the significant increase in comparison to the old price, many have expressed concern about the detrimental effects it could have, particularly on industrial consumers who are currently paying an average of N26/ kilowatt-hour. At this time, it remains unclear whether the generation or distribution companies will be asked to bear the cost of the increase and continue supplying at the current prices, or whether the cost of the increase will be passed along the electricity supply chain and thus reflected in consumer tariff.. Even though the increase in the price of domestic gas is expected to incentivize gas exploration and production for International Oil Companies (IOCs) and by extension bridge the growing gap in gas supply necessary for fueling electricity production, it may have far reachi- CONTINUED ON PAGE 2 Inside this issue: September 12, 2014 As of September 11, 2014: Energy Generation 3, Megawatts Hour/Hour (NWH/H) (MWH/H) Peak Generation 3, Megawatts (MW) Total plans for 1,000mw solar power project in Northern Nigeria NNPC to speed up construction of Abuja- Kaduna-Kano Gas Pipeline Project Power agreements on hold as electricity market fails to kick off NERC creates dispute resolution mechanism for electricity industry Ebonyi to build $1.14 billion independent power plant
2 Reviewed gas price may raise electricity tariff CONTINUED FROM PAGE 1 ng pecuniary consequences that may prove challenging for an already financially overburdened power sector. Accordingly, it has been suggested that an increase in gas price may not be the only and most effective solution to the gas supply challenges faced in the industry. Alternatively, developing the legal framework governing gas exploration, processing and utilization to impose domestic gas supply obligations on IOC s may prove more beneficial and sustainable. For instance, if the gas suppliers are required to earmark 20% of their production for domestic supply, the remaining 80% can be sold at the more commercially viable export pri- ce. In addition, the Government should consider granting incentives such as tax holiday, import and tax waivers to indigenous oil companies to encourage gas production. Total plans for 1,000mw solar power project in Northern Nigeria The sun provides a remarkable resource for generating clean and sustainable electricity without toxic pollution or global warming emissions. The potential environmental impact associated with solar power varies depending on the technology used, which is broadly categorized into photovoltaic (PV) solar cells or concentrating solar thermal plants (CSP). Such possible environmental impact ranges from land use and habitat loss to water use and the use of hazardous materia l s i n m a n u f a ct u r - ing process. In recognition of the benefits of solar power, the Managing Director of Total Upstream Companies in Nigeria, Mrs. Elisabeth Proust has revealed the Company s plans to build solar power plants which are expected to generate 1,000 megawatts of electricity in Nigeria. The project which is set to be launched in 2015 will mostly be executed in Northern Nigeria due to the high levels of radiation in the region, and will be executed in THERE IS NEED FOR CLOSE REGULATION AND MONITORING OF THE SOLAR POWER PROJECT BY THE NIGERIA ELECTRICITY REGULATORY COMMISSION (NERC) TO ENSURE ADOPTION OF SUSTAINABLE AND CLEAN TECHNOLOGY. partnership with other companies. Currently, Total has industrial solar plants in Kaduna which make use of photovoltaic cells; a type of solar power technology that can capture sun radiation despite poor sunlight. Similarly, the company had bought Cell Sun Power (CSP), a leading developer of solar panels in the world to enable it actualize its quest of providing solar electricity to countries around the globe. The industrial solar plants which started in Nigeria three years ago have been replicated in many countries in West Africa, Asia, and Middle East by the company. Presently it has the Awango solar lamp available at all Total filling stations in Nigeria for personal use where there is no constant electricity. Whilst there are no global warming emissions associated with generating electric- ity from solar energy, the manufacturing, materials transportation, installation, maintenance, and decommissioning and dismantlement associated with solar life cycle may cause emission and environmental degradation. Therefore there is need for close regulation and monitoring of the solar power project by the Nigeria Electricity (NERC) to ensure adoption of sustainable and clean technology. Page 2
3 Volume 4, Issue 5 Events: NNPC to speed up construction of Abuja-Kaduna-Kano Gas Pipeline Project Determined to accelerate the Federal Government s Gas Revolution Agenda, the Nigerian National Petroleum Corporation (NNPC), has established a committee to hasten the actualization of the Abuja-Kaduna-Kano (AKK) Gas Pipeline Project. The committee which is called the Abuja-Kaduna- Kano (AKK) Gas Pipeline Project Steering Committee has the Group Managing Director of the NNPC, Dr. Joseph Dawha, as its chairman, and the Group Executive Directors of Gas and Power Exploration and production; Group Executive Directors Power agreements on hold as electricity market fails to kick off The greatly anticipated Transitional Electricity Market (TEM) is expected to mark the consummation of the power sector reform whereby the electricity market moves from an integrated whole utility to a fully competitive market structure. Once TEM is declared, all vesting contracts across the electricity market value chain will now become enforceable. For example, the Nigerian Gas Company, a of commercial and investment; and Coordinator, Corporate Planning and Strategy as members. The committee is responsible for providing general guidance and direction for the project, granting approval for business models, equity participation, budgets, contracting strategy, endorsing strategic investors, reporting and recommending appropriately to the Minister of Petroleum. The Abuja-Kaduna-Kano (AKK) Gas Pipeline Project was approved under the National Gas Master Plan by the Federal Executive subsidiary of the Nigerian National Petroleum Corporation (NNPC) can be sanctioned for failure to deliver on its gas supply commitments to Generation companies (Gencos) in line with the Gas Supply Agreements signed by both parties. Also, the Gencos can now be sanctioned for not delivering on their commitment to supply a specified amount of electricity to the national grid as provided for in the Council. It is designed to transport gas for power and manufacturing industries to major Northern axis from Ajaokuta Kaduna Kano. Speaking at the inauguration of the committee, the Group Managing Director of the NNPC, Dr. Joseph Dawha, stated that the project has been stalled as a result of the ongoing implementation of the adjoining OB3 gas pipeline project and the Escravos Lagos Pipeline System (ELPS). However, he further stated that the committee will refocus the project for accelerated implementation. Power Purchase Agreement signed with the Nigerian Bulk Electricity Trading Plc (NBET). Unfortunately, the Government has on many occasions failed to declare TEM due to the failure of the Nigerian Electricity Supply industry to meet up with certain condition precedents. For instance, the NESI is still plagued by gas supply challenges and the failure of new investors to meet up with their obligation to stakeholders thus making it unrealistic to declare TEM without the resolution of same. Indeed, the delay in the declaration of the TEM has been considered capable of slowing down the much-needed investment on account of the CONTINUED ON PAGE 4 IBA Annual Conference, Tokyo October 19 24, 2014 Power Nigeria Exhibition & Conference Eko Hotel & Suites, Lagos Nigeria October 28-30, 2014 Offshore West Africa 2015 Eko Hotel & Suites, Lagos Nigeria January 20-22, 2015 Page 3
4 Power agreements on hold as electricity market fails to kick off CONTINUED FROM PAGE 3 increased risk profile of the power sector which can weigh on investor sentiment. According to the Eyo Ekpo, Commissioner, market, rates and competition, Nigerian Electricity (NERC), a lot of progress has been made in respect to the condition precedents and TEM will be declared this year. He further revealed that the ongoing tariff review process, which is one of the last two critical conditions that is required to be fulfilled, was in the final stages. The declaration of TEM is expected to kick start a market wherein the sanctity of contracts is fully protected and market participants are held accountable for failure to fulfill their obligations as set out in the contracts, all of which will promote market liquidity and incentivize investment in the sector. NERC creates dispute resolution mechanism for electricity industry The Nigerian Electricity (NERC) has established a dispute resolution mechanism for the settlement of disputes that may arise between the market participant (Distribution Companies (Discos), Generating Companies (Gencos), the System Operator, the Market Operator and the Transmission Service Provider) in the Nigerian Electricity Supply Industry (NESI) in order to maintain steady operations of the contracts and rules-based electricity trading market. The mechanism is to be headed by the Dispute Resolution Counselor (DRC) for the industry, Dr. Mamman Lawan, an academic from the Bayero University, Kano, who was appointed by the Commission earlier this year. Some of his key responsibilities under the Electricity Market Rules include advising the NERC on the appointment of members of the Dispute Resolution Panel (DRP), and thereafter assigning members to undertake the resolution of any such disputes that may arise from time to time. Pursuant to powers vested in him, the DRC recently nominated 20 individuals as members of the DRP. Following applications and a vigorous vetting process, 12 persons out of the 20 were appointed, and will form NESI s very first DRP. According to a statement by the Head of Public Affairs Department, NERC, Dr. Usman Abba Arabi, members of the newly constituted DRP are all professionals including engineers, economists and legal practitioners, and all have alternative dispute resolution qualifications and experience. Even though a date for the inauguration of the Panel is yet to be announced, it is expected that it will be commissioned soon. TRANSACTIONS Ebonyi to build $1.14 billion independent power plant Ebonyi State government has signed a $1.14 billion contract with Posco, a South Korean company, for the construction of independent power station. The project with capacity to generate 2,700 megawatts of electricity when completed will be the biggest independent power station in the country. The proposed power plant is jointly owned by Hodges and Bakers Field and Ebonyi State government, is expected to be completed within 24 months. The plant is to be located on the West bank of the Cross River in Oferekpe/Akahuwhu Inyimegu in Ikwo Local Government Area of Ebonyi state. Page 4
5 INTEGRITY, CHARACTER, COMPETENCE, PROFESSIONALISM P E R C H T O N E & G R A E Y S Perchstone & Graeys is a leading Nigerian commercial law firm with an innovative approach to delivering exceptional legal solutions. With a practice fuelled by a deep commitment to the highest standards of quality, professionalism, integrity and client care; the firm has developed an outstanding reputation for offering high value transactional advice and representation tailored to the needs of our clients. The breath of our expertise and the quality of our lawyers and support staff has seen us emerge as one of the preferred law firms in the country with a diverse spread of clientele across industry sectors drawn from the major cities of the world. We have a remarkable record of engagement in headline transactions in our core practice areas spanning Litigation and International Commercial Arbitration, Corporate Commercial and Regulatory Compliance, Banking and Finance, Oil & Gas, Environmental Law, Capital Markets, Real Estate, Intellectual Property and Telecommunications. Our keen and practical understanding of each client s objectives enables us to proffer cutting edge legal support and guidance. Over the years, we have periodically collaborated with some of the biggest international law firms from the US, Europe and Asia in an increasing number of big ticket transactions in and out of Nigeria. The resourcefulness and industry which we apply to our work is evident in the high rankings we regularly garner from our peers and clients. In June 2013, we crossed yet another significant frontier by becoming the first Nigerian law firm to open a pathway of engagement with the organized private sector of India when we organized the inaugural edition of the India Africa Business Series in New Delhi, India. Convening the event in India was our own affirmation of Nigeria s connection to the emerging economies of Asia and their overall promise for the global economy. The event drew on Perchstone & Graeys traditional commitment to deepening the dialogue between the legal, business and public sectors; this lasting commitment has enabled us with the platform to intervene in critical sectors of interest to lawyers, business leaders and government officials. Contact Us: Lagos Office 1 Perchstone & Graeys close off Remi Olowude Way, Lekki-Epe Expressway, Lekki Phase 1, Lagos P.O.Box 52593, Falomo, Ikoyi Tel: +234(1) , Abuja Office D3, Jima Plaza 1267 Ahmadu Bello Way Area 11, Garki, Abuja Tel: , editor@perchstoneandgraeys.com; tolulopeaderemi@perchstoneandgraeys.com
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