Egbin Power targets sustained expansion, unveils second Sustainability Report
Egbin Power Plc, the largest privately owned thermal power generation plant in Sub-Saharan Africa has restated its commitment to sustained operational growth in the second edition of its annual Sustainability Report.
After recording a ‘first’ in the power sector in Nigeria after it published its 2015 maiden report last year, the 2016 edition further reinforces Egbin’s commitment to good corporate governance and powering lives and businesses sustainably. The Report was prepared using the new Global Reporting Initiative (GRI) Standards which promote international harmonization in the reporting of relevant and credible corporate economic, environmental and social performance information to enhance responsible decision - making.
With the theme ‘Securing our Future’ the Report highlights the company’s efforts towards ensuring the satisfactory management of its assets, operations and relationships to enhance transparency and build a sustainable future.
Egbin’s Chairman, Mr. Kola Adesina said: “We firmly believe that sound corporate governance and sustainability reporting can directly impact business growth. Therefore, we are quite delighted to unveil Egbin’s second sustainability report, as the company remains committed to taking all necessary steps to achieve business sustainability.”
Adesina added that: “Egbin Power Plc, is working in collaboration with other stakeholders to drive the adoption of a strategic direction that would reposition the sector for optimized performance. The company is set to leverage on the recently declared Eligible customer regime and mini grid regulations to advance system stability and improved service delivery. ” He noted that the plan would enable power sector operators establish various resolution mechanisms to deal with critical challenges within the system to increase generation capacity.
The Sahara Group, working through KERL, a Special Purpose Vehicle, acquired majority shareholding to complete Egbin’s privatization in 2013. Following its privatization, Egbin has continuously invested in human capital and infrastructure upgrade to enhance efficiency. This is evident in its planned investments in additional gas pipelines, the proposed Floating Storage & Regasification Unit (FSRU) project, Egbin Phase 2 project with an estimated capacity of between 1,350MW and 1800MW using modern technologies as well as the deployment of renewable energy sources to boost the Plant's productivity.
According to Adesina, the management of Egbin is hopeful that sustainability reporting in the power sector would help ensure that the interests of all stakeholders are taken into account across the sector’s value chain. “In alignment with international recommendations and best practices on governance, we commenced the implementation and operation of a Corporate Governance Framework in the year 2016. In the same year, we also commenced the practice of annual Sustainability Reporting which provides detailed information about our economic, environmental, social, and governance performance. We urge other operators to embrace this global practice to give the sector a global outlook that would attract regional and global collaborations,” he stated.
The report is hereby released and will be distributed to Egbin’s shareholders, customers, employees, suppliers and other third party business partners, government and regulatory organizations, local and foreign institutional investors, international agencies and the general public. These stakeholders are directly and indirectly impacted by the activities of the organization.
The Online version will be hosted on Egbin Power’s website ( www.egbin-power.com ) and Sahara Group’s website ( www.sahara-group.com ) among other online portals.
About Egbin
Established in 1985 Egbin Power Plc is located in Egbin Town, in the Ikorodu division of Lagos State, Nigeria. Egbin is the largest power generating plant in Nigeria with over 30 years of operations and contributes over 20% of total electricity generated across Nigeria. The company operates six 220 megawatts (MW) Steam Turbines, one 24 megawatts (MW) Gas Turbine and one 1.5 megawatts (MW) Diesel Generator. The steam turbines are dual-fired (natural-gas and high pour fuel oil).
In 2013, the Sahara Group, through a special purpose vehicle acquired 70% shareholding in Egbin which completed the phase of the power privatization process that began in 2007. The asset was officially handed over to the core-investor in November 2013 by the Bureau of Public Enterprises (BPE) as part of the Federal Government power sector privatization program.
Egbin plans to enhance its operations and efficiency through continuing investments in human capital, infrastructure upgrade and the expansion of its current capacity by 100% with the addition of a new 1,350MW plant which is expected to come on stream by the end of 2020, harness the available opportunities in renewables to power Egbin and deploy the new mix in our technology options. In addition to seeking offshore expansion opportunities across Africa, Egbin also has its sights on developing an Industrial Park to boost the economy of the local community in which it operates, through the creation of job opportunities and strategic infrastructural development.