•Sanwo-Olu: ‘Independent power source required for 24hrs economic activities’
•Governor charges investors, stakeholders for collaboration at Electricity Summit
Lagos State has begun a journey to achieve energy independence with the target of 6 gigawatts in power generation over the next three years. This ambitious energy plan was disclosed, on Tuesday, during Lagos Energy Summit, where the State Government’s representatives are meeting with regulators, investors and stakeholders to fashion out the plan.
The bold move to establish a reliable clean energy source to address power shortfall in the State was a direct result of the Lagos State Electricity Act signed into law last December by Governor Babajide Sanwo-Olu, which gave legal framework for private investment in public energy infrastructure.
Lagos is now pursuing Expressions of Interest (EOIs) for gas-fired, grid-scale solar and captive power generation projects aimed at injecting 6 GW of power into Lagos electricity market. The State Government would also be retrofitting 22,000 streetlights across the State to reduce grid pressure and improve energy efficiency.
Sanwo-Olu, who declared the summit open, observed that Lagos required an independent energy sources to fully transition to a 24-hour economy, noting that the State’s 2030 Energy Vision relied on consistent investment in three areas of priority— energy diversification, grid modernisation and regulatory reforms.
The Governor said the three-day summit, currently holding at Oriental Hotel in Victoria Island with the theme: “Journey to Energy for All”, offered a platform for investors to understudy the risk factors and iron out grey areas, while noting that time was of the essence in realising the goal by 2030.
He said: “This new journey we have started has a destination, which is to reduce if not totally eliminate reliance on national grid. To get to the destination, we have to work hard twice as fast. I believe this summit would help Lagos to steadily move towards realising the objectives. This ambitious energy plan speaks directly to the heart of our mission, affirming our commitment to build not just a vibrant megacity, but a smart city where no home will be in darkness. To achieve these objectives, we have taken bold steps in repositioning Lagos as a sub national in energy reform.
“Following the enactment of Lagos Electricity Law, we inaugurated Lagos Electricity Regulatory Commission and Independent Regulatory Agency to oversee the licencing compliance and consumers’ protection. Additionally, we have established Independent System Operator to manage field operations within the State’s optimised power distribution, which, we believe, will enable system stability and enhance reliability. We believe these reforms are critical for our long-term vision for self-sufficient and reliable energy sector. These moves will attend to the energy needs of our people and attract investors into the sector.”
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