The Lagos State Electricity Regulatory Commission (LASERC) has granted an operational licence to Elektron Energy Development Strategies Limited for its 40MW Victoria Island Power (VIP) project.
A statement issued by the state regulatory commission on Wednesday indicated that the licensing of the power firm aligns with its mandate to promote a transparent and efficient electricity market in Lagos State
The Chief Executive Officer of LASERC, Temitope George, said the approval by the commission also supported the state’s energy security and industrial growth objectives.
She clarified: “Lagos State Electricity Regulatory Commission (LASERC) on Wednesday officially issued an operational license to Elektron Energy Development at the Commission’s conference room, marking a major milestone in the advancement of reliable energy infrastructure and sustainable economic development within the region.”
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Speaking on the LASERC’s approval, the Chief Executive Officer of Elektron Energy, Tola Talabi, assured the company’s readiness to deploy reliable energy solutions and comply with regulatory standards within its operating domain.
He commended the LASERC’s management for the regulatory endorsement, restating the company’s commitment to provide the needed energy to support economic activity in the state.
According to available information on the project, the VUP project is a 40MW gas-fired embedded power plant being developed by Elektron Energy Development Strategies Limited in partnership with Eko Electricity Distribution Company (EKEDC) and the first phase is designed to scale to 70MW at full build-out.
The plant uses Wärtsilä generation engines, which have been installed, while supporting infrastructure is at an advanced stage, while a 12.6-kilometre underground feeder network is being integrated to distribute electricity to customers within the company’s operational domain.
Wärtsilä is the engineering, procurement and construction contractor and will provide long-term operations and maintenance support and based on the project design and implementation timeline, its commercial operations are scheduled to begin in December this year.
The licensing of Elektron Energy Development Strategies Limited aligns with objectives of the latest multi-tier electricity market being championed by the Nigerian Electricity Regulatory Commission (NERC) in collaboration with the states’ electricity regulatory commssions.
It would be recalled that in May this year, the LASERC had approved 14 electricity licences and permits covering off-grid and embedded power generation, independent distribution, metering and mini-grid operations.
