The Transmission Company of Nigeria (TCN) on Tuesday in Abuja said the company required 1.5 billion dollars annually to meet the 20, 000 mega watts transmission target by 2020.
The Managing Director of TCN, Mr Mack Kast, disclosed this at press briefing on the activities of the company.
Kast said the TCN was working hard to develop its transmission capacity across the country and to secure an additional funding to address the infrastructure deficit and operations.
“In terms of developing transmission capacity to 20,000 mega watts by the year 2020, our projections indicate that we would need between one to 1.5 billion dollars per year to make that a reality.
“It is a significant amount of money, but we are working hard to find the sources for that money,’’ he said.
He said the TCN was currently working on a five-year expansion plan and an overall 20-year master plan to enable the company to realise the Federal Government’s target of transforming the sector.
Earlier, Chairman of TCN Board, Alhaji Ibrahim Waziri, pledged to ensure zero systems collapse and efficient market operations in line with international best practice.
Waziri said that the TCN was currently working on 165 initiatives and projects aimed at doubling power wheeling capacity from the modest 5,000 to 10, 000 mega watts.
“We have over 165 ongoing initiatives and projects aimed at doubling our power wheeling capacity from a modest 5000 to 10,000 mega watts, of which we are confident of 7,000 mega watts on a balanced delivery as of now.’’
Speaking on the Manitoba contract, he said that the board had put in place machinery to review the milestone deliverables of the contract and set robust annual performance targets for the company.
Manitoba Hydro International (MHI) is a Canadian Electricity Company contracted by the Federal Government to manage the TCN following the privatisation of the sector.
Waziri said the TCN had also intensified training and capacity building for both new and old staff with a view to revitalising the workforce and optimising service delivery.
He stressed the need for more foreign and local investors to invest in the sector to make it more vibrant and efficient.
The chairman, however, decried some of the challenges in the sector, which he said, included gas to power plants, pipeline vandalism and inadequate funding. (NAN)
Agency Report,Leadership online