Improved natural gas deliveries from Heirs Energies have boosted electricity output at two generating stations controlled by Transcorp Group, according to the conglomerate's chief executive.
Owen Omogiafo told investors and financial analysts on Tuesday that Heirs Energies restored production from an idle gas well that feeds turbines at facilities in Afam and Ughelli. Transcorp Power Plc expects to reach 750 megawatts of generating capacity before December, while Transafam Power Limited targets 378 megawatts after relocating four turbines between sites. The power units contribute more than one-fifth of the national grid capacity installed across Nigeria. Omogiafo said Transcorp Power averaged 424 megawatts through September and projects full-year output of 528 megawatts with generation peaks reaching 590 megawatts.
Revenue at Transcorp climbed 39 percent year over year to 413.4 billion naira during the quarter ending September, while earnings before taxes increased 18 percent to 124.5 billion naira. The diversified company owns hospitality properties and energy investments alongside its electrical generation subsidiaries. Transafam Power completed grid connections for relocated equipment and continues commissioning work on three additional units this week at Ughelli.
Owen Omogiafo told investors and financial analysts on Tuesday that Heirs Energies restored production from an idle gas well that feeds turbines at facilities in Afam and Ughelli. Transcorp Power Plc expects to reach 750 megawatts of generating capacity before December, while Transafam Power Limited targets 378 megawatts after relocating four turbines between sites. The power units contribute more than one-fifth of the national grid capacity installed across Nigeria. Omogiafo said Transcorp Power averaged 424 megawatts through September and projects full-year output of 528 megawatts with generation peaks reaching 590 megawatts.
Revenue at Transcorp climbed 39 percent year over year to 413.4 billion naira during the quarter ending September, while earnings before taxes increased 18 percent to 124.5 billion naira. The diversified company owns hospitality properties and energy investments alongside its electrical generation subsidiaries. Transafam Power completed grid connections for relocated equipment and continues commissioning work on three additional units this week at Ughelli.
