Core investors to expand capacity to 2,200MW in 3 years at Egbin power station—Report
New report released by Egbin Power Plc has presented a sustainability report which indicates that the plant will double output from the current 1,100 Mega Watts (mw) to 2000MW by 2020.
According to the first ever sustainability report released in Lagos by the group tagged ‘Building a sustainable future’, the station will remain committed to working with all stakeholders as we seek to establish Egbin as a foremost industrial hub for economic growth and development.
The bulk of the report centered round the current status since its privatisation in 2013; its values and governance model; alignment of the company’s strategy with its commitment to a sustainable global economy; socio-economic and environmental impact of its activities and the road map for future plans.
The sustainability report was developed using the Global Reporting Initiative (GRI) framework and provides a metric for measuring the company’s financial and non-financial performance. The report employs the GRI G4 ‘In Accordance’ Option of the Sustainability Reporting Guidelines and the supplement dedicated to the Electric Utilities sector issued in 2013.
The report includes disclosures on key indicators in areas material to Egbin’s stakeholders, including the level and capacity of energy generation, economic performance, workforce diversity, safety report, conservation and biodiversity management as well as strategies targeted at improving performance in these areas.
Chairman of Egbin, Kola Adesina, who presented the report, noted that “We are delighted to unveil Egbin’s maiden sustainability report as it reinforces our resolve to ensure sustainable growth for the company, having achieved major milestones since the new management took over on November 1, 2013.
Sahara Group, working through a special purpose vehicle in collaboration with Korea Electric Corporation (KEPCO), acquired majority shareholding to complete Egbin’s privatiSation in 2013.
Following its privatization, generation capacity in Egbin grew from an average of 400MW to hit 1100MW in 2015 for the first time since its inception, with the company already planning to double the plant’s capacity by 2020.
The report covers the period from January 1 to December 31, 2015, references are made to activities from the point of takeover of the plant in 2013.
Adesina also added that “It’s a celebration of our success and recognition of areas where we could have performed better,” he said.“In addition to reiterating our continuing quest for sustained outstanding performance, it also demonstrates our commitment to transparency and best practice for the benefit of all our stakeholders.”
