TCN’s over 120 inherited projects will cost N1.7 trn to complete, says MD

From Isaac Anumihe, Abuja

Transmission Company of Nigeria (TCN), has said that it would cost the company over N1.7 trillion to complete over 120 inherited projects.

In his presentation, today, Managing Director of TCN, Engineer Sule Ahmed Abdulaziz promised that the company would complete all the abandoned projects.

He said that TCN has implemented effective Frequency Control and Load Balancing as this is evident in the drastic reduction of partial and full system collapses. He, however, assured a consistent and reliable power supply to consumers.

“There is increased grid visibility as the in-house engineers made use of the implementation of Automatic Meter Reading Infrastructure” he said.

Abdullaziz disclosed that TCN has commenced the implementation of the Supervisory Control and Data Acquisition (SCADA) systems to enable real-time monitoring and control of the power grid. This technological advancement, he explained, will significantly improve grid stability, reduce transmission losses, and allow for quicker response to faults and disturbances.

“There is overhaul digital transformation, using internal homegrown solutions and vendor-procured applications to enhance the efficiency and effectiveness of TCN wide operations.

In addition, the TCN MD stated that there is a designated web-portal for managing the output of generations and allocations to distribution companies (DisCos).

He told the committee that the biggest problem of the company is liquidity saying that the company has received interventions from some organizations.

“The total funds set aside by the Central Bank of Nigeria (CBN) for this intervention is about N122 billion. Following the approval of the regulator, a total of 53 projects were procured in 10 distribution companies franchise areas under the CBN -financed projects to the tune of N107.67 billion but later reduced to N104.0 billion due to naira re-denomination of the offshore component with some refund made in alignment to current economic realities” the MD stated.

He said that the entire 53 projects have been redenominated to naira contracts and their respective scopes revised to achieve a total contract award of N104.0 billion from N107.7 billion with a savings of 3,666,536,012.27