TRANSCORP Power Limited, a subsidiary of Transnational Corporation PLC, is currently adding 590 megawatts (MWs) of energy to the national grid.
Transcorp Power’s generating capacity was boosted from 390 MWs to 470 MWs in May 2021, bringing the company’s overall generating capacity of its two firms to 590 MWs, according to the Chairman of the group, Tony Elumelu, who spoke at the 2021 yearly general meeting in Abuja yesterday.
He added: “We will continue our engagements with our existing gas suppliers and explored gas supply from other producers to diversify our supply base, thereby ensuring adequate gas supply to our power plants in Ughelli and Afam and achieving optimum utilisation of their capacity despite general gas supply issues at various points of the year.
“We are equally pursuing our long-term integrated energy strategy to secure our gas requirements through our OPL 281 asset and other related assets.”
This feat comes as the corporation renamed itself Transnational Corporation PLC from Transnational Corporation of Nigeria PLC.
According to Elumelu, Transcorp Power’s revenue increased by 14%, from N65.1 billion to N74.3 billion, accounting for around 70% of the entire group revenue.
In addition, profit before taxes (PBT) climbed by 92%, from N12 billion to N23.1 billion.
“Gross earnings for the Group increased to N111.2 billion in 2021 from N75.3 billion in 2020. Gross earnings for the company almost doubled to N5.13 billion in 2021 from 2.7 billion in 2020. PBT for the group increased to N28 billion in 2021, from N1.6 billion in 2020. PBT of the company increased to N4.02 billion in 2021, from N2.7 billion in 2020.
Transnational Power has been able to raise Afam Generating Company’s (GenCo) installed capacity to over 2000 MWs, according to Elumelu, and it has continued to work on recovering more of the installed capacity.
“This acquisition also came with many advantages, including closeness to gas supply, sufficient evaluation capacity and brand new 240MWs Afam three fast power turbines. Our plan is to efficiently recover the capacity of Afam GenCo, leveraging on our experience from running Transcorp Power,” he said.
Owen Omogiafo, President/Group Chief Executive Officer (GCEO) of Transnational Corporation, further disclosed that the company would add 243 megawatts (MW) to the national grid in the next four weeks.
