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
The duo of Afriland Properties Plc and Geo-Fluids Plc crashed the NASD Over-the-Counter (OTC) Securities Exchange by a marginal 0.06 per cent on Wednesday, December 11 due to profit-taking activities.
The OTC securities exchange experienced a downfall at midweek despite UBN Property Plc posting a price appreciation of 17 Kobo to close at N1.96 per share, in contrast to Tuesday’s closing price of N1.79.
Business Post reports that Afriland Properties Plc slid by N1.14 to finish at N15.80 per unit versus the preceding day’s N16.94 per unit, and Geo-Fluids Plc declined by 1 Kobo to trade at N3.92 per share compared with the N3.93 it ended a day earlier.
At the close of transactions, the market capitalisation of the bourse, which measures the total value of securities on the platform, shrank by N650 million to finish at N1.055 trillion compared with the previous day’s N1.056 trillion and the NASD Unlisted Security Index (NSI) went down by 1.86 points to wrap the session at 3,012.50 points compared with 3,014.36 points recorded in the previous session.
The alternative stock market was busy yesterday as the volume of securities traded by investors soared by 146.9 per cent to 5.9 million units from 2.4 million units, as the value of shares transacted by the market participants jumped by 360.9 per cent to N22.5 million from N4.9 million, and the number of deals increased by 50 per cent to 21 deals from 14 deals.
When the bourse closed for the day, Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units valued at N3.9 billion, followed by Okitipupa Plc with 752.2 million units worth N7.8 billion, and Afriland Properties Plc 297.5 million units sold for N5.3 million.
Also, Aradel Holdings Plc, which is now listed on the Nigerian Exchange (NGX) Limited after its exit from NASD, remained the most active stock by value (year-to-date) with 108.7 million units sold for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units worth N5.3 billion.
By Adedapo Adesanya
The euphoria around the recent appreciation of the Naira eased on Wednesday, December 11 after its value shrank against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N5.23 or 0.3 per cent to N1,547.50/$1 from the N1,542.27/$1 it was valued on Tuesday.
It was observed that spectators’ activities may have triggered the weakening of the local currency in the official market at midweek as they tried to fight back and ensure the value of funds in foreign currencies strengthened.
The domestic currency was regaining its footing after the Central Bank of Nigeria (CBN) launched an Electronic Foreign Exchange Matching System (EFEMS) platform to tackle speculation and improve transparency in Nigeria’s FX market.
At midweek, the Nigerian currency depreciated against the Pound Sterling by N3.56 to close at N1,958.68/£1 compared with the preceding day’s N1,955.12/£1 and against the Euro, it slumped by 34 Kobo to trade at N1,612.66/€1, in contrast to the previous session’s N1,613.00/€1.
As for the black market segment, the Naira lost N45 against the American currency during the session to quote at N1,670/$1 compared with the N1,625/$1 it was traded a day earlier.
A look at the cryptocurrency market showed a recovery following profit-taking as the US Consumer Price Index report matched economist forecasts.
The news was enough to convince traders that the Federal Reserve is certain to trim its benchmark fed funds rate another 25 basis points at its meeting next week.
The move also saw Bitcoin (BTC), the most valued coin, return to the $100,000 mark as it added a 2.9 per cent gain and sold for $100,566.12.
The biggest gainer was Cardano (ADA), which jumped by 15.00 per cent to trade at $1.16, as Litecoin (LTC) appreciated by 10.4 per cent to sell for $121.76, and Ethereum (ETH) surged by 7.0 per cent to $3,929.30, while Dogecoin (DOGE) recorded a 6.7 per cent growth to finish at $0.4181.
Further, Binance Coin (BNB) went up by 5.2 per cent to $716.72, Solana (SOL) expanded by 4.6 per cent to $229.77, and Ripple (XRP) increased by 4.2 per cent to $2.43, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
By Aduragbemi Omiyale
The Dangote Refinery located in the Lekki area of Lagos State has made its first export of premium motor spirit (PMS) just three months after it commenced the production of petrol.
In September 2024, the refinery produced its first petrol and began loading to the Nigerian National Petroleum Company (NNPC) on September 15.
However, due to some issues, the facility has not been able to flood the local market with its product, forcing it to look elsewhere.
In a landmark move for regional energy integration, Dangote Refinery has partnered with Neptune Oil to take its petrol to neighbouring Cameroon.
Neptune Oil is a leading energy company in Cameroon which provides reliable and sustainable energy solutions.
Dangote Refinery said this development showcases its ability to meet domestic needs and position itself as a key player in the regional energy market, adding that it represents a significant step forward in accessing high-quality and locally sourced petroleum products for Cameroon.
“This first export of PMS to Cameroon is a tangible demonstration of our vision for a united and energy-independent Africa.
“With this development, we are laying the foundation for a future where African resources are refined and exchanged within the continent for the benefit of our people,” the owner of Dangote Refinery, Mr Aliko Dangote, said.
His counterpart at Neptune Oil, Mr Antoine Ndzengue, said, “This partnership with Dangote Refinery marks a turning point for Cameroon.
“By becoming the first importer of petroleum products from this world-class refinery, we are bolstering our country’s energy security and supporting local economic development.
“This initial supply, executed without international intermediaries, reflects our commitment to serving our markets independently and efficiently.”
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