‘FG Owes Egbin Power Station N86 Billion’ - CEO Egbin Power Plc
Dallas Peavey, the Chief Executive Officer, Egbin Power Plc, has said the company is highly constrained by more than N86 billion debt owed it by the Federal Government.
Mr. Peavey made this known in Lagos on Saturday during the company’s scholarship award programme to schools within Ijede community in Lagos State.
He appealed to the government to pay up the debt to enable it to carry out its operations.
He also said gas supply had been a major challenge to power generation.
“We have a total generation output of 1,320MW but currently we are generating just 425MW which is 30 per cent of what we should be generating,” Mr. Peavey said.
He said the company was considering other sources of power generation that would complement gas, such as Low Pour Fuel Oil, one of the products in the fractional distillation of crude oil.
According to him, right now the major challenge confronting the plant is gas and the company does not know what the future has for the power station.
“Another big problem is that of over N86 billion being owed by Federal Government on energy produced to the national grid in the last six months.