Egbin Power CEO, Mr. Dallas Peavey has said that improved power supply experienced in some parts of the country is due to the rainy season.
Mr. Peavey made this known in an interview he granted Punch in which he lamented the frustration being faced by electricity operators in the country.
“We have had more rains, leading to increase in generation from the hydro power plants. But in the next few months, there won’t be any more rain and so the output from the hydro power plants will dissipate and we will be back to generating from Egbin, because it is the largest in sub-Saharan.”
He said the company has never made profit since it commenced operation, “We have never made a profit. We are owed N86bn and we have lost $300m in the last three years directly out of our pocket because we haven’t been paid and because we have invested that money and we have got no returns. We don’t expect the returns immediately, but at some point, every business has to be able to sustain itself with profits or returns on its investment.”