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
By Favour & Akinola Ajibade Seplat Energy Plc has grown its gas revenue to $63.7 million from $57.8million within a spate of one year, precisely 2023. The feat, which was recorded between 2022 to 2023, saw the only indigenous energy firm with dual exchanges, increasing its gas revenue by $6million. Seplat Energy is listed in both the Nigerian and London Stock Exchanges, a development, which has greatly impacted on the company's fortunes. The growth, which was attributed to increased realised in gas prices and a rise in sales volume, saw Seplat gas price rising by 4.4 per cent to $2.87/Mscf, while gas production saw a moderate 1.4 percent increase to 21.6 Bscf during the same period (compared to 21.3 Bscf in 6M 2022). In its outlook for the remaining part of the year, Seplat Energy said that its group production performance has improved in 2023, thanks to greater uptime on OML40 and reduced losses on its western asset. Also, the company has maintained its 20