Economy
AE Energia Orders Digital Power Equipment from GE
By Modupe Gbadeyanka
An order has been received by GE from AE Energia for fast, digital power in Angola and it includes seven TM2500 mobile aeroderivative gas turbine generator sets, services agreements and digital solutions for PRODEL, the state-owned company responsible for power production.
It was learnt that the TM2500 units would be installed in Namibe, Huila and Cuando Cubango provinces and would be capable of providing the remaining 200 megawatts (MW) of power for the government to achieve a targeted one gigawatt (GW) of electricity by end of 2018.
This development comes on the heels of AE Energia and GE’s ongoing work together at the Soyo 750 MW combined cycle power plant, as well as six units of GE’s 2016 TM2500 project in Angola being connected to the grid earlier in April.
According to the chief Commercial Officer of GE’s Gas Power Systems business, Scott Strazik, “Our industry-leading TM2500 units deliver reliable and efficient power with speed, and with the addition of these seven units up to an additional 15 percent of the population of Angola can gain access to electricity.”
“We are very proud to help achieve this significant milestone and look forward to continuing to support Angola’s ambitious energy goals in the years to come,” Strazik added.
Angola’s national grid, built in the 1970’s, is now aging and in need of upgrade and rehabilitation as the grid is currently able to provide electricity to only about 30 percent of the population. The TM2500 generator set, which is trailer mounted and can be installed faster than traditional power plants, is ideally suited to meet Angola’s energy needs. Together, the seven units will be used for grid stability in existing plants as well as provide electricity to off-grid communities.
GE will provide the generating equipment, installation, commissioning, fuel treatment solution, spares and electrical balance of plant to PRODEL. The order’s multi-year service agreements for up to nine TM2500 generator sets will support optimum performance, efficiency and reliability of the equipment for a period of six years. The services agreements also include GE’s Predix* based Asset Performance Management (APM) software, which was deployed for the first time in aeroderative gas turbines with the Marubeni project in Japan in April 2017.
GE’s APM software leverages data analytics to monitor power generation and transmission equipment health to predict potential failures and thereby reduce unplanned downtime by up to 5%, lower operations and maintenance costs, and lower operational risks.
AE Energia, a leading Angolan promoter, integrator and implementation partner, will oversee the project execution with GE in the region to ensure seamless execution in delivering to PRODEL.
“AE Energia will collaborate with GE on the project execution and work on behalf of the Angolan government to connect the best global power company with the local private sector power company delivering capability in Angola,” said Ricardo Machado, CEO of AE Energia.
“Our goal is to ensure the country gets full value for money as we provide the local know how to support GE in every phase of this power project responding to the national priorities for the energy sector.”
GE and the Angola Ministry of Energy and Water signed a Memorandum of Understanding (MoU) in 2014 to achieve the country’s additional electric power generation capacity target of 2000 MW. Currently GE technology is responsible for approximately 50 percent of Angola’s electricity generation, and today’s announcement represents another phase of the implementation of the GE Power for Angola program. GE delivers across the entire energy ecosystem for Angola’s national development, from generation to transmission and distribution as well as long term service guarantees.
GE has been operating in Angola since 1967. Today, GE employs more than 500 people in Angola, in businesses spanning across key sectors including oil and gas, power, water and rail transportation.
By Adedapo Adesanya
Four securities weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.95 per cent on Friday, erasing N41.17 billion from the bourse, which had its market capitalisation at N2.567 trillion compared with the previous session’s N2.618 trillion.
In the same vein, the NASD Unlisted Security Index (NSI) decreased at the close of business by 85.28 points to 4,277.07 points from 4,362.32 points.
The price decliners were led by 11 Plc, which gave up N20.50 to sell at N200.50 per share compared with the preceding day’s N221.00 per share, FrieslandCampina Wamco Nigeria Plc dropped N16.94 to close at N155.20 per unit versus Thursday’s closing price of N172.14 per unit, Central Securities Clearing System (CSCS) Plc went down by N2.11 to N84.68 per share from N86.79 per share, and Afriland Properties Plc lost 11 Kobo to end at N16.74 per unit, in contrast to the N16.85 per unit it closed a day earlier.
During the trading day, the value of transactions jumped by 172.1 per cent to N29.9 million from the preceding session’s N10.9 million, and the volume of trades soared by 136.5 per cent to 955,096 units from the previous 403,901 units, while the number of deals went down by 11.4 per cent to 31 deals from 35 deals.
Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 68.6 million units sold for N4.7 billion.
GNI Plc also ended the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, trailed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
By Dipo Olowookere
The last trading session of this week on the floor of the Nigerian Exchange (NGX) Limited ended on a negative note, with a 0.66 per cent loss on Friday.
This was influenced by sustained selling pressure and cautious trading, which forced investors into profit-taking.
Data obtained by Business Post showed that the energy sector fell by 4.66 per cent, the insurance counter dipped by 2.23 per cent, the consumer goods index depreciated by 0.96 per cent, and the banking segment shed 0.28 per cent, while the industrial goods space remained unchanged.
At the close of business, the All-Share Index (ASI) of Nigeria’s stock exchange went down by 1,531.81 points to 232,049.02 points from 233,580.83 points, and the market capitalisation dropped N983 billion to settle at N148.905 trillion compared with Thursday’s N149.888 trillion.
Aradel was the worst-performing equity after it lost 10.00 per cent to close at N1,417.50. International Energy Insurance slipped by 9.95 per cent to N5.79, Trans-Nationwide Express depreciated by 9.89 per cent to N3.28, eTranzact crashed by 9.79 per cent to N14.75, and UPDC slumped by 9.72 per cent to N28.12.
The best-performing equity for the day was Universal Insurance, which gained 6.32 per cent to close at N1.01, McNichols grew by 5.52 per cent to N8.60, Linkage Assurance expanded by 4.67 per cent to N1.57, NGX Group appreciated by 4.35 per cent to N120.00, and Transcorp increased by 3.62 per cent to N41.50.
As look at the activity level indicated that investors traded 388.7 million stocks worth N18.4 billion in 44,631 deals compared with the 393.7 million stocks valued at N19.2 billion executed in 45,813 deals a day earlier, representing a decline in the trading volume, value, and number of deals by 1.27 per cent, 4.17 per cent, and 2.58 per cent, respectively.
By Adedapo Adesanya
The Naira recorded a loss of 82 Kobo or 0.06 per cent against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, June 26, exchanging at N1,380.93/$1, in contrast to the previous day’s rate of N1,380.11/$1.
Equally, the domestic currency further weakened against the Pound Sterling in the official FX market yesterday by N6.06 to settle at N1,824.90/£1 versus the preceding session’s N1,818.84/£1, and lost N10.74 on the Euro to sell at N1,577 .58/€1 versus N1,566.84/€1.
At the GTBank forex counter, the Naira depreciated against the greenback during the session by N4 to close at N1,387/$1, in contrast to Thursday’s value of N1,383/$1, and at the parallel market, it was unchanged at N1,395/$1.
Interbank FX activity among financial institutions has fluctuated amid a sharp slowdown in forex market interventions by the Central Bank of Nigeria (CBN), as it allows demand and supply to move the market.
Also, a stronger greenback has generally put significant pressure on emerging-market currencies.
Nigeria has accessed the first tranche of a proposed $5 billion derivatives financing arrangement with First Abu Dhabi Bank PJSC, the largest lender in the United Arab Emirates (UAE).
The $5 billion facility, approved by the National Assembly earlier this year, is part of the federal government’s plan to diversify external financing sources and reduce borrowing costs. Structured as a Total Return Swap with First Abu Dhabi Bank, proceeds are earmarked for refinancing debt and supporting infrastructure financing.
If the proceeds are brought into the country through the official FX market, the transaction will increase the currency reserves or Dollar liquidity.
At the cryptocurrency market, Solana (SOL) grew by 2.2 per cent to $71.92, Cardano (ADA) gained 1.1 per cent to trade at $0.1474, Ripple (XRP) also appreciated by 1.1 per cent to $1.05, Dogecoin (DOGE) expanded by 0.9 per cent to $0.0755, and Ethereum (ETH) improved by 0.4 per cent to $1,578.84.
On the flip side, TRON (TRX) slid 0.6 per cent to $0.3203, Binance Coin (BNB) slumped by 0.3 per cent to $564.33, and Bitcoin fell by 0.2 per cent to $60,219.37, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn