MTN Nigeria gets licence to generate 15.94MW electricity in Lagos State​

The Nigerian Electricity Regulatory Commission (NERC) has issued permits to Golden Penny Power Limited, MTN Communications Nigeria Limited, Havenhill Synergy, and others for mini-grid electricity generation.

According to a statement by the NERC indicated that it issued nine new off-grid generation licences in the first quarter of 2024 with a gross capacity of 109.69 megawatts and three new trading licences.

MTN was granted a permit to build four captive generation plants across Lagos State with 15.94MW capacity. Golden Penny Power Limited got a licence to build six off-grid gas plants in Lagos, Oyo, Ogun, and Cross River states. The total capacity is 100MW.

Captive power generation permits are issued to entities that aim to own and maintain power plants for generating power for consumption and not for sale to a third party. The commission issued nine captive power generation permits in 2024/Q1 with a total nameplate capacity of 52.57MW.

Aside from MTN, SweetCo Foods Limited, African Steel Mills Nigeria Limited, West African Ceramics Limited, Royal Engineered Stones Limited, and Armilo Plastics Limited were permitted to generate captive power.

The Punch reports that other licensed companies licensed to build mini-grids are Daybreak Power Solutions, TIS Renewable Energy Limited, Auro Nigeria Private Limited, Watts Exchange Limited, Centum Dopemu Energy Services Ltd, DMD Electric Limited Lagos State.

Section 165(1)(m) of the Electricity Act 2023 permits the NERC to award licences for mini-grid concessions to renewable energy companies to exclusively serve a specific geographical location indicating aggregate electricity to be generated and distributed from a site with the obligation to serve customers to request service.

A permit is issued to a mini-grid developer for the construction, operation, maintenance, and where applicable ownership of mini-grids with distribution capacity above 100 kilowatts and generation capacity up to 1MW.

The commission disclosed that it issues registration certificates to a mini-grid developer for one or more systems with distribution capacity below 100kW. “Following the satisfactory evaluation of mini-grid applications, the commission issued three mini-grid permits and two registration certificates in 2024/Q1,” the NERC stated.

MTN Group’s revenue drops by 20.8% in H1 2024

Earlier today, MTN Group reported a group service revenue slump of 20.8% to 85.3 billion rands from 107.7 billion rands in its half-year report released this morning. According to the group, the revenue drop was owing to the devaluation of the Nigerian naira and operational challenges in Sudan.

MTN’s service revenue from South Africa surpassed that of MTN Nigeria, its biggest market by revenue, growing marginally by 3.3% to 21.1 billion rand, while Nigeria tumbled by 52.9% to 20.5 billion rand. In constant currency, Nigeria grew by 32.4%.

In contrast, group service revenue, which excludes device and SIM card revenue, rose by 12.1%. The telecoms operator reported a headline loss of 256 cents per share in the six months ended June 30, compared with restated headline earnings from a year earlier at 260 cents a share.

The company also said that its board anticipates paying a minimum ordinary final dividend of 330 cents per share for the 2024 financial year.

Speaking on the development, Group CEO Ralph Mupita said in a statement that the company was affected largely by external factors: “Although the underlying commercial momentum and strategy execution were solid in the period, macro headwinds impacted operating results”.

“The further devaluation in the naira against the U.S. dollar, the translation impact on reporting currency (rands) of the naira and the ongoing conflict in Sudan had the most significant impact on reported results”, he added.

Recall that we reported that the MTN Group warned that it expects to report a 140% to 150% decrease in headline earnings per share for its half-year results. 

The post MTN Nigeria gets licence to generate 15.94MW electricity in Lagos State first appeared on Technext.

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The Nigerian Electricity Regulatory Commission (NERC) has issued permits to Golden Penny Power Limited, MTN Communications Nigeria Limited, Havenhill Synergy, and others for mini-grid electricity generation.

According to a statement by the NERC indicated that it issued nine new off-grid generation licences in the first quarter of 2024 with a gross capacity of 109.69 megawatts and three new trading licences.

MTN was granted a permit to build four captive generation plants across Lagos State with 15.94MW capacity. Golden Penny Power Limited got a licence to build six off-grid gas plants in Lagos, Oyo, Ogun, and Cross River states. The total capacity is 100MW.

Captive power generation permits are issued to entities that aim to own and maintain power plants for generating power for consumption and not for sale to a third party. The commission issued nine captive power generation permits in 2024/Q1 with a total nameplate capacity of 52.57MW.

Aside from MTN, SweetCo Foods Limited, African Steel Mills Nigeria Limited, West African Ceramics Limited, Royal Engineered Stones Limited, and Armilo Plastics Limited were permitted to generate captive power.

The Punch reports that other licensed companies licensed to build mini-grids are Daybreak Power Solutions, TIS Renewable Energy Limited, Auro Nigeria Private Limited, Watts Exchange Limited, Centum Dopemu Energy Services Ltd, DMD Electric Limited Lagos State.

Section 165(1)(m) of the Electricity Act 2023 permits the NERC to award licences for mini-grid concessions to renewable energy companies to exclusively serve a specific geographical location indicating aggregate electricity to be generated and distributed from a site with the obligation to serve customers to request service.

A permit is issued to a mini-grid developer for the construction, operation, maintenance, and where applicable ownership of mini-grids with distribution capacity above 100 kilowatts and generation capacity up to 1MW.

The commission disclosed that it issues registration certificates to a mini-grid developer for one or more systems with distribution capacity below 100kW. “Following the satisfactory evaluation of mini-grid applications, the commission issued three mini-grid permits and two registration certificates in 2024/Q1,” the NERC stated.

MTN Group’s revenue drops by 20.8% in H1 2024

Earlier today, MTN Group reported a group service revenue slump of 20.8% to 85.3 billion rands from 107.7 billion rands in its half-year report released this morning. According to the group, the revenue drop was owing to the devaluation of the Nigerian naira and operational challenges in Sudan.

MTN’s service revenue from South Africa surpassed that of MTN Nigeria, its biggest market by revenue, growing marginally by 3.3% to 21.1 billion rand, while Nigeria tumbled by 52.9% to 20.5 billion rand. In constant currency, Nigeria grew by 32.4%.

In contrast, group service revenue, which excludes device and SIM card revenue, rose by 12.1%. The telecoms operator reported a headline loss of 256 cents per share in the six months ended June 30, compared with restated headline earnings from a year earlier at 260 cents a share.

The company also said that its board anticipates paying a minimum ordinary final dividend of 330 cents per share for the 2024 financial year.

Speaking on the development, Group CEO Ralph Mupita said in a statement that the company was affected largely by external factors: “Although the underlying commercial momentum and strategy execution were solid in the period, macro headwinds impacted operating results”.

“The further devaluation in the naira against the U.S. dollar, the translation impact on reporting currency (rands) of the naira and the ongoing conflict in Sudan had the most significant impact on reported results”, he added.

Recall that we reported that the MTN Group warned that it expects to report a 140% to 150% decrease in headline earnings per share for its half-year results. 

The post MTN Nigeria gets licence to generate 15.94MW electricity in Lagos State first appeared on Technext.

 The Nigerian Electricity Regulatory Commission (NERC) has issued permits to Golden Penny Power Limited, MTN Communications Nigeria Limited,…
The post MTN Nigeria gets licence to generate 15.94MW electricity in Lagos State first appeared on Technext.  

The Nigerian Electricity Regulatory Commission (NERC) has issued permits to Golden Penny Power Limited, MTN Communications Nigeria Limited, Havenhill Synergy, and others for mini-grid electricity generation.

According to a statement by the NERC indicated that it issued nine new off-grid generation licences in the first quarter of 2024 with a gross capacity of 109.69 megawatts and three new trading licences.

MTN was granted a permit to build four captive generation plants across Lagos State with 15.94MW capacity. Golden Penny Power Limited got a licence to build six off-grid gas plants in Lagos, Oyo, Ogun, and Cross River states. The total capacity is 100MW.

Captive power generation permits are issued to entities that aim to own and maintain power plants for generating power for consumption and not for sale to a third party. The commission issued nine captive power generation permits in 2024/Q1 with a total nameplate capacity of 52.57MW.

Aside from MTN, SweetCo Foods Limited, African Steel Mills Nigeria Limited, West African Ceramics Limited, Royal Engineered Stones Limited, and Armilo Plastics Limited were permitted to generate captive power.

The Punch reports that other licensed companies licensed to build mini-grids are Daybreak Power Solutions, TIS Renewable Energy Limited, Auro Nigeria Private Limited, Watts Exchange Limited, Centum Dopemu Energy Services Ltd, DMD Electric Limited Lagos State.

Section 165(1)(m) of the Electricity Act 2023 permits the NERC to award licences for mini-grid concessions to renewable energy companies to exclusively serve a specific geographical location indicating aggregate electricity to be generated and distributed from a site with the obligation to serve customers to request service.

A permit is issued to a mini-grid developer for the construction, operation, maintenance, and where applicable ownership of mini-grids with distribution capacity above 100 kilowatts and generation capacity up to 1MW.

The commission disclosed that it issues registration certificates to a mini-grid developer for one or more systems with distribution capacity below 100kW. “Following the satisfactory evaluation of mini-grid applications, the commission issued three mini-grid permits and two registration certificates in 2024/Q1,” the NERC stated.

MTN Group’s revenue drops by 20.8% in H1 2024

Earlier today, MTN Group reported a group service revenue slump of 20.8% to 85.3 billion rands from 107.7 billion rands in its half-year report released this morning. According to the group, the revenue drop was owing to the devaluation of the Nigerian naira and operational challenges in Sudan.

MTN’s service revenue from South Africa surpassed that of MTN Nigeria, its biggest market by revenue, growing marginally by 3.3% to 21.1 billion rand, while Nigeria tumbled by 52.9% to 20.5 billion rand. In constant currency, Nigeria grew by 32.4%.

In contrast, group service revenue, which excludes device and SIM card revenue, rose by 12.1%. The telecoms operator reported a headline loss of 256 cents per share in the six months ended June 30, compared with restated headline earnings from a year earlier at 260 cents a share.

The company also said that its board anticipates paying a minimum ordinary final dividend of 330 cents per share for the 2024 financial year.

Speaking on the development, Group CEO Ralph Mupita said in a statement that the company was affected largely by external factors: “Although the underlying commercial momentum and strategy execution were solid in the period, macro headwinds impacted operating results”.

“The further devaluation in the naira against the U.S. dollar, the translation impact on reporting currency (rands) of the naira and the ongoing conflict in Sudan had the most significant impact on reported results”, he added.

Recall that we reported that the MTN Group warned that it expects to report a 140% to 150% decrease in headline earnings per share for its half-year results.