Transcorp Power Targets 740MW Electricity From Ughelli Power Plant

Transcorp Power has stated that it is targeting an increased generation of electricity at its Ughelli power to peak at 740megawatts by year end 2024.

The MD/CEO of Transcorp Power, Engr. Peter Ikenga, made the disclosure during a virtual presentation to analysts and investors yesterday.

He said: ‘We plan to improve our capacity to over 850MW. We have instituted a feasibility study around converting our plant from an open circle plant to a combined circle, if this is feasible, we will bring in an addition 250MW in terms of our capacity beyond 2024 2025.

‘We are also targeting the underserved part of the grid by going into the renewable energy space, looking at opportunities within hydro and solar.’

Earlier, its Chief Finance Office, Evans Okpogoro, stated that Transcorp Power closed its 2023 Financial Year (FY) 2023 with gross earnings of N142bn representing 57.30% year on year growth.

He said the growth in revenue is driven by a surge in energy delivery and capacity charge, coupled with the expansion into international markets and the international market accounted for 18% of its revenue.

He added that its board of directors have recommended a dividend of N23.4bn subject to shareholders rectification at the next AGM.

‘The dividend declared represents a 77% payout ratio, which is in line with the dividend policy. Transcorp Power continues to maintain its dividend payment policy year on year. Also, because we are built to last, some portion of the profit is plugged back into the business.

Provided by SyndiGate Media Inc. (Syndigate.info).