Transcorp Ughelli Power Releases 2014 Annual Report, Holds 2nd Annual General Meeting
Transcorp Ughelli Power Limited (TUPL), the power generation and investment subsidiary of Nigerian conglomerate Transcorp Plc, today released its 2014 Annual Report and held its 2nd Annual General Meeting of shareholders.
The Report details outstanding progress during the first full calendar year of operations at Ughelli Power Plant, the Group’s power generating asset and Nigeria’s largest gas-powered generating company.
In the CEO’s statement, Mr. Fadeyibi outlines TUPL’s “short term, post-acquisition operational strategy — one based largely around the recovery of installed capacity.”
In 2014, TUPL increased generation capacity from 342MW at December 2013, to 610MW at the end of 2014 — a 78% increase year-over-year and a 300% increase from takeover and this year, financial advisory firm Renaissance Capital (RenCap) predicted that Transcorp Plc would more than quintuple its profitability by 2017 in part because of the outlook for TUPL.
According to RenCap, “We believe the government’s determination to make centralised electricity supply a reliable source of power for the economy, at half the price of the currently widely used diesel generators, is sufficient reason to see a bright future for the asset.
Transcorp Plc Group President/CEO Emmanuel N. Nnorom was pleased with TUPL results, saying, “Our team is excited and united. Ade has done a fantastic job of assessing existing generating assets at Ughelli and determining a course of action for total recovery and as a result, we are on track to achieve 850MW per day by year-end 2015, which represents a major contribution to the country’s total energy output.
During the TUPL Board meeting on 16 June, Transcorp Plc Board Chairman Tony O. Elumelu, CON predicted long-term mega-growth, saying, “We are determined to produce a quarter of all power generated in Nigeria and we are clearly on track to achieve this, thanks to the cohesiveness of the leadership team and the hard work of the staff, driven by the TUPL CEO.”
According to the Board, 2015 will see the execution of expansion plans through key acquisitions, as well as a Greenfield project set to begin operations in 2018.