Transcorp Power: A Decade of Impact

Kayode Tokede writes on Transcorp Power Limited’s 10-year transformation, powering Nigeria and creating a significant impact on the nation’s power sector’s growing domestic and industrial demands.

Transcorp Power Limited (TPL), a power station built in 1964 with an installed capacity of 2X36MW or 72MW from two Stal-Laval gas turbines and began operations in 1966.

In September 2012, during the privatization of Nigeria’s national power assets, Transnational Corporation Plc won the bid for the Federal Government of Nigeria’s distressed power generating company, Ughelli Power Plc – operator of Ughelli Power Plant. The $300 million investment was part of strategic investor Heirs Holdings’ commitment to USAID’s Power Africa initiative.

On November 1, 2013, Transcorp Power officially took physical ownership of Ughelli Power Plc, the owner and operator of Ughelli Power Plant following a handover ceremony during former President Goodluck Jonathan’s administration.

Later on, Transcorp Ughelli Power Limited and Ughelli Power Plc merged, and Transcorp Power Limited (TPL) was born. The merger harmonized the management and operations of Transcorp’s power business for greater efficiency.

This year makes it 10 years, the company commenced operations and it has contributed significantly to the group’s profit generation.

The group, a quoted conglomerate on the Nigerian Exchange Limited (NGX) had declared N26.16billion profit before tax in nine months of 2023, representing an increase of 25.4 per cent from N20.87billion reported in nine months of 2022, while profit after tax hits N22.74billion in nine months of 2023, an increase of 19.4 per cent from N19.04billio in nine months of 2022.

The power sector recorded N23.77billion profit before tax, contributing about 90.8per cent to overall profit before tax in period under review.

The power subsidiaries of Transcorp that include Transcorp Power Limited (TPL) and Transafam Power as both are well-positioned to exploit available opportunities for growth.

TPL, however, holds a significant position as one of Nigeria’s foremost electricity generation companies, and it proudly possesses ownership of the esteemed Ughelli Power Plant.

10 years after privatisation

The Group has been investing in the power sector for 10 years, with its first investment in the Ughelli Power Plant through TPL. TPL is the first company to receive the certificate of discharge from post-privatisation monitoring, having surpassed all requirements within the stipulated period.

 TPL is a single cycle 972MW installed capacity power generating plant located in Ughelli, Delta State. It is the largest gas-fired power generating station in the country.

Its mission is to improve lives, and currently leading the way in energy generation for millions of people in Nigeria and Africa.

In November 2023 Year-till-Date (YTD), TPL has sent out 2,857,950.40MWh (357MW on average daily) which represents 8.65per cent of the energy sent to the National Grid.

TPL had a stellar performance in November 2023 sending out an average of 438MW and was ranked 2nd only behind Egbin. For the year 2023 YTD TPL is ranked 4th. TPL currently has a generation capacity of 500MW, and can generate enough energy to power 1.6 million homes daily.

Since the privatization of the power sector in November 2013, TPL has generated over 29,574,447MWh (29TWh) of energy to the national grid powering countless homes and industries in Nigeria and West Africa.  TPL currently has a generation capacity of 500MW and currently generates 426MW on average daily in December.

TPL was borne out of Transcorp Group’s drive to fulfil its purpose of improving lives and transforming Africa by investing in strategic sectors of the economy that can catalyse growth. Hence, its investment in the 972MW Ughelli Power Plant in 2013.

The power company has grown impressively over the last decade, becoming one of the leading power companies in the country.

Earlier this year, Transcorp Power became the first power generation company to be discharged from post-privatisation monitoring by the Bureau of Public Enterprise (BPE), having satisfied the requirements of the post-acquisition plan (PAP) compliance.  

innovation, steadfast commitment

The Managing Director/CEO, TPL, Mr. Peter Ikenga recently noted that the Company’s journey has been one of resilience, innovation, and a steadfast commitment to powering progress.

According to him, “As we celebrate the 10th anniversary of Transcorp Power Limited, we reflect on a decade of impactful contributions to the energy sector. I am immensely proud of our team’s dedication and the milestones we’ve achieved,” Ikenga said, adding that the anniversary is not just a testament to the Company’s past successes but a springboard for the future.

“For the last decade, Transcorp Power has been an integral part of its host community, with several community-based projects aimed at improving livelihoods including a vocational skills acquisition program that has empowered over 200 recipients.”

“The Transcorp Staff School which Transcorp Power Limited adopted following the takeover of the Ughelli Plant currently serves the community as well as its employees, guaranteeing a higher quality of education for the children in the community.

“We remain committed to driving positive change and being a catalyst for sustainable development. Thanks to our team, stakeholders, and the communities we serve for being integral parts of this incredible journey. Here’s to the next decade of powering possibilities and lighting up the path to a brighter future,” Ikenga added.

At the event held in Warri, Delta State, Transcorp Power also celebrated its employees who have been with the company since inception and have contributed significantly to the achievements of the past decade.

TPL has continued to receive recognition for its contributions to the power sector. The company recently won multiple international awards, including the Leading Power Generation Company Nigeria 2023 (International Business Magazine Awards 2023), Leading Power Generation Company Nigeria 2023, and Most Sustainable Power Company Nigeria 2023 (2023 World Business Outlook Awards).