Chief Executive Officer of Transcorp Group, Owen Omogiafo, has said Transcorp Power is planning to generate an additional 150 megawatts of electricity, even as the company deals with gas supply issues for its thermal plants.

Omogiafo disclosed this in an interview with Arise News at the Future Investment Initiative conference in Saudi Arabia.

She said the company had signed a memorandum of understanding with the Rural Electrification Agency (REA) to boost power generation through renewable energy sources.

“We are working assiduously to ensure that we are closing the energy gap. One of the things you expect to see for Transcorp Group is our focus on increasing energy availability through investment and partnerships in renewable energy. Just last week, we signed with the Rural Education Agency of Nigeria, an MoU that will see us bring 150 megawatts of additional capacity into the Nigerian energy sector”, she said.

Omogiafo expressed concern over the company’s severe gas shortage, which affected its power generation capacity, noting that although Afam Power Plant in Rivers State could generate 301MW, it could only supply 100MW.

“Nigeria has an installed capacity of about 13,000 megawatts, but we’re only doing about 5,000 megawatts. If I look at one of my power plants, which is the Afam power plant in Rivers State, I have today an available capacity ready to generate 301 megawatts. But it will interest you to know that I’m only doing 100 megawatts. Why?  Gas shortage?

“If we had a very strong integrated gas-to-power strategy, it will resolve the gap that we have in our country, and if we take that across Africa, we are going to liberate and unlock the value that we see within our blessed continent, and then we’ll be right up there”, she maintained.