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FG- Imo: :Regulatory Oversight of The State Electricity Market Is Now Underr ISERC

By Favour Ifeoluwa & Akinola Ajibade  The Federal Government yesterday( Monday) announced the transfer of Regulatory Oversight of the Electricity Market in Imo State to the state electricity regulatory commission, otherwise known as (ISERC). In a statement issued by the Nigerian Electricity Regulatory Common( NERC), the development is in compliance with the amended Constitution of the Federal Republic of Nigeria (CFRN) and the Electricity Act 2023 (Amended), reiterating that all transfers envisaged by this order shall be completed by 31 December 2024. According to the Commission,the transfer Order’s provisions include: “Direct Enugu Electricity Distribution Company (EEDC) to incorporate a subsidiary (EEDC SubCo) to assume responsibilities for intrastate supply and distribution of electricity in Imo State from EEDC, and that EEDC shall complete the incorporation of EEDC SubCo within 60 days from 27th June 2024. The subcompany shall apply for and obtain licence for the in
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Shell declares $9.5b earnings, targets more growths


By Akinola Ajibade



Amidst volatility in the global energy market, Shell Shell has declared $9.5 billion in earnings from its operations in the third quarter of 2022.

This may go up in the subsequent quarters, as  the Oil giant, is about to complete its share buy back programme, a development which would result in an additional $4 billion of distributions. 

Shell Plc's  Chief Executive Officer, Ben van Beurden said the company plans to increase the dividend per share (DPS) for the fourth quarter, adding that its would pay the dividend in March 2023, by an expected 15%, subject to Board approval.”

Beurden said: “We are delivering robust results at a time of ongoing volatility in global energy markets.

“We continue to strengthen Shell’s portfolio through disciplined investment and transform the company for a low-carbon future. At the same time we are working closely with governments and customers to address their short and long-term energy needs,” he stated.

He described it as robust result from a resilient portfolio.

“Robust performance in a turbulent economic environment with lower crude prices and higher gas prices compared with Q2 2022. Adjusted Earnings of $9.5 billion in Q3 2022, with Adjusted EBITDA of $21.5 billion.

“Strengthening and simplifying the portfolio through the energy transition with completion of the Spring Energy (India) acquisition, participation in the North Field South LNG expansion (Qatar) in October, the Rosmari-Marjoram field FID (Malaysia), the announced Aera Energy divestment (California, USA) and the acquisition of Shell Midstream Partners (USA).

“Disciplined cash capex: expected to be in the $23 – 27 billion range in 2022, evenly split between our Growth, Transition and Upstream pillars.

“$4 billion share buybacks announced, expected to be completed by Q4 2022 results announcement; total distributions in excess of 30% of CFFO for the last four quarters,” he stated.

Beurden said this would be subject to Board approval, intention to increase DPS by an expected 15% for the fourth quarter, which will be paid in March 2023. Announced 2022 shareholder distributions $26 billion.

Also commenting on this development,  Wael Sawan who will be succeeding Ben van Beurden as Chief Executive Officer, effective January 1, 2023, said CFFO of $12.5 billion for Q3 2022 is driven by lower Adjusted EBITDA compared with Q2 2022 and working capital outflows.

“In working capital, the inventory price help in Q3 2022 resulting from lower crude prices is more than offset by the European gas inventory build-up and initial margin outflows in our Renewable and Energy Solutions business as well as regular accounts receivable and payable movements across the portfolio.”

“As a result, net debt increased by ~$2.0 billion (~4%), to $48.3 billion in Q3 2022, which includes the absorption of Spring Energy’s debt.

“Adjusted  Earnings below Q2 2022 mainly reflecting lower trading and optimisation results in addition to lower volumes including the impact of maintenance and the Permitted Industrial Actions at Prelude.” he stated.

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