Oyo State Electricity Regulatory Commission says about 30 investors have expressed interest in partnering with the state on independent power projects to improve electricity supply.
No fewer than 30 investors have expressed interest in partnering with Oyo State to establish independent power projects, the Oyo State Electricity Regulatory Commission has said.
The Chairman of the commission, Daud Sangodoyin, disclosed this while briefing journalists in Ibadan.
Sangodoyin, who also serves as Commissioner for Energy and Natural Resources, said the state government was considering approving three or four electricity providers to meet its power needs. He added that plans include a hydroelectricity project at the Asejire Dam.
He noted that the approval allowing the state to establish its own electricity regulatory commission has empowered it to manage electricity generation, transmission and distribution, as well as create its own electricity market.
The chairman said the power sector in the country had faced numerous challenges over the past 60 years, largely due to management issues. However, he expressed optimism that the new law enabling states to regulate electricity would protect consumers and attract private investment.
Sangodoyin added that the commission would ensure accountability among service providers and set appropriate tariffs under the new regulatory framework.
“With the new regulatory framework in place, Oyo State aims to address its electricity deficit and make significant progress in the next two to three quarters,” he said.
He further explained that the Ibadan Independent Power Project is expected to provide solutions to electricity challenges, with several government buildings and institutions set to benefit from the 12-megawatt project by June.
The chairman also disclosed that the commission had signed a Memorandum of Understanding with Shell to distribute gas in parts of Ibadan, a move expected to ease electricity distribution challenges.
According to him, the commission’s website has been activated to provide information on priority plans and areas for investor participation. He added that efforts were ongoing to improve access to electricity, street lighting and other critical infrastructure across the state.
Visit GMTNewsng for more news stories.
