Transcorp Power Plc Aims to Generate 740MW by the End of 2024

Transcorp Power Plc recently reported that by December 2024, it intends to boost its power-generating capacity from 550 to 740 megawatts.

The power company's MD/CEO, Mr Peter Ikenga, revealed this during Monday's presentation of its business 2023 report.

During the presentation, Ikenga claimed that despite the many difficulties encountered the previous year, the business managed to boost its profits.

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He also revealed that Transcorp was preparing to finalise a power sale contract with three Nigerian distribution companies.

Transcorp Power reported gross earnings of N142 billion for the 2023 FY, a 57.3% increase from the N90 billion gross earnings in 2022.

The company attributed this to an increase in expansion and energy delivery costs and the growth in the global market, which accounted for 18% of its total revenue.

Transcorp Power's gross profit increased to N75 billion from N42 billion in 2022.

There was an N52.7 billion profit before taxes and an N30.2 billion profit after taxes. 

Ikenga stated that for the 2023 Financial Year, the company had recommended a dividend of N23.46 billion.

He insisted that the business has increased its revenue and profitability over time and expressed optimism that it will continue to outperform its current trajectory.

According to him, Transcorp Power hopes to reach a 740 MW peak capacity by 2024.

"In a matter of weeks, we will add 125MW to the grid, and by the end of summer, we will add an additional 125MW," Ikenga disclosed.

He said Transcorp Power hopes to generate a maximum of 611 MW during the fiscal year.

He disclosed that Transcorp Power's capacity will be increased to 850MW by the management after 2023.

In addition, the managing director disclosed that the company intended to use renewable energy to supply electricity to 45% of underserved and unserved Nigerians. 

He believed this, coupled with the cross-border sale of electricity to West African countries, would boost revenue.

Transcorp became one of the top power companies in the nation after investing in the 972 MW Ughelli Power Plant in 2013.

The company was listed on the Nigeria Exchange Limited in March, more than four years ahead of the projection of Tony Elumelu, chairman of the board of directors of its parent company.