Dallas Peavey, the Managing Director of KEPCO Energy Resource Limited, said the company has injected N46 billion into Egbin Power Plc since it took over the company in 2013.
This was contained in a statement signed on Tuesday by Alex Okoh, the Head of Public Communications of KERL, and sent to News Agency of Nigeria.
It stated that Peavey announced this when officials of the Bureau of Public Enterprises visited the KERL in Lagos.
It stated that KERL, currently generating an average of 1,100MW, recently had its first major overhaul in 30 years, with a total overhaul of Units 4, 5, and 1.
It added that the units peaked at 220MW each at its installed capacity.
The statement stated that the power plant was operating at less than 50 per cent capacity prior to its takeover.
It stated that now, it operated at over 85 per cent with the fixing of unit 06, which had not been operational for eight years.
It stated that the preliminary work had commenced for the building of an extra 1,350MW combined cycle plant.
It added that 107 graduate engineers had been employed and currently being trained for a year to replace the ageing population of the workforce.
It stated that major overhaul of the demineralisation plant was achieved by the recovery of train B.
It stated that the replacement of turbine vibration monitoring system was to assist in regulating the speed of the turbine in the event of vibration to avoid a catastrophic failure.
The statement listed renovation of the administrative building, construction of a simulator room and upgrade of distribution control system for units 4, 5 and 1 as the achievements of KERL since takeover.
It listed inadequate gas supply, non payment or delay of proceeds of power sales with an outstanding cumulative balance for 10 months amounting to over N40 billion as the challenges facing the company.
Others are delay in disbursement of the Central Bank of Nigeria intervention fund for legacy debt.
It added that the aim of the monitoring was to ensure that the organisation complied with the tenets of government since it took over the company.
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