Ibom Power Company (IPC) has been lauded by the Central Bank of Nigeria (CBN) for the effective utilization of the CBN- Nigerian Electricity Market Stabilization Facility (CBN-NEMSF).
The Company was a 3rd batch beneficiary of the Facility disbursed about a year ago under the N213Bn CBN-NEMS Facility.
In a testimonial on utilization of the fund at the nationally televised 4th tranche disbursement ceremony which held in Lagos, it was noted that the CBN-NEMS Facility aided improvement of Ibom Power operations.
The fund was utilized to implement Ibom plant capacity recovery through the completion of Unit 2 and black start which has increased total available capacity to 155MW. A Dead Bus closure technology was also installed in Ibom Power Unit 3 which has improved plant operations including stability on the grid.
Ibom plant Unit two and black start is capable of restarting the National Grid during system collapse which is a regular occurrence.
Speaking at the event which had the Minister of Power, Works, and Housing, Mr. Babatunde Raji Fashola in attendance, the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele said the CBN-NEMSF was implemented “to address shortfalls in the power sector”. He expressed the CBN’s commitment to support the power sector in solving the electricity supply challenges in the country.
Meanwhile, Ibom Power Company has celebrated the milestones of attaining 155MW available capacity and 150days without forced outage. The 150days and counting means that Ibom power plant supplied power to Akwa Ibom State, Aba and Calabar every day for 150days. The additional available capacity is due to the completion and testing of Unit 2 with about 40 Megawatt (MW) capacities.
With the completion of Unit 2, Ibom Power is well positioned as a major player in ancillary services market ready to offer spinning reserve and black start services. This accomplishment has added extra generation capacity to address the country’s severe power needs. It is also a major step in Governor Udom Emmanuel’s industrialization initiative