HENCEFORTH, before any outage, consumers will be told in advance so that they can be prepared for it, according to the Nigerian Electricity Regulatory Commission (NERC).
But there is a proviso: Such a notice will only be given when there are scheduled power supply interruptions which the nation’s distribution companies have control over.
The Chairman of NERC, Mr. Sam Amadi, who had an official meeting with chief executive officers of the nation’s distribution companies, including licencees in Abuja yesterday, also chided them for not complying with relevant health and safety issues.
He said: “All distribution companies must from now onwards, do what they are supposed to do. They must give consumers the respect they deserve by giving desired notifications to consumers on scheduled interruptions. We are focusing on strengthening our information channels with the licencees. We also want to be effective in enforcing standards. We also want to strengthen our regulatory duties and apply the big stick where necessary. Where situation requires, we won’t fail to enforce the law.
“We have adopted a framework of consistent discussion with chief executive officers to ensure the application of relevant codes. We want to always have feedback on your work. This will be more regular. We are fed up with the standard of electricity supply in the country. We know that some of the problems are deep-rooted.”
Charging distribution companies to ensure compliance with the compulsory monthly report on health and safety measures, he urged NERC to do all within its powers to enforce safety and consumer issues.
Amadi observed that the CEOs were not doing their monthly reports in the area of health and safety measures, noting: “We will henceforth view this very seriously. Each CEO should set up a health and safety unit directly responsible to the CEO. Most of you have not complied. There have been violation of market rules and the violation of standards by the market operators and we won’t take this lightly. Several complaints have come our way on how consumer issues are poorly handled. We need to monitor this and improve our responses to complaints quickly.”
Meanwhile, amidst growing concerns about global oil supplies with the political crises in Libya and the Middle East, industry watchers are saying the fate of the ongoing Nigerian elections may be a source of further shocks for the international oil market.
Speaking yesterday in New York with The Guardian, a United States (U.S.)-based Nigerian Wall Street expert, Dr. Chamberlain Peterside explained that the “market shock can go either way - positive or negative. But if the elections go well as we have begun to notice oil market will react positively and prices might experience an episodic downward trend in the belief that supplies from Nigeria will be higher and predictably stable.”
Peterside, CEO of New Era Corporation and CNN financial news contributor added that but: “If the elections spring any more surprises beyond current expectation, prices could spike on the fear that renewed unrest could disrupt production thereby inflaming an already volatile global market.”
He said the oil market had become truly volatile resulting from the Libyan crises and festering Middle Eastern civic unrest. According to him, whichever way the “pendulum swings, you will have the shock.”
Peterside’s views found elaboration from the Reuters financial news service Market Watch warned yesterday in a statement in New York that a “dissatisfaction with the election process could lead to sabotage of oil pipelines and attacks on production, a reprise of what Nigeria experienced during much of the past decade.”
Market Watch added that a hit to Nigeria’s output would add more support to oil prices that recently topped $126 a barrel in European markets and touched $113 in New York on Monday.
Reviewing the political crisis in Libya which is looking more and more like a civil war, Market Watch quoted Mark Williams, a risk management expert and finance professor at Boston University who said the Libyan turmoil in the past month had demonstrated how “daily oil production at the margin, even if only two per cent of global market demand, can spike the price of oil.”
Reuters reported that it was an oilfield fire last week in Libya that contributed to a more than two per cent jump in oil futures on Friday to their highest level in over 30 months.
And there is concern in the international oil industry that “Nigeria has a similar market share of world oil production to Libya, putting it in a position to jolt global oil markets if output is curtailed,” in the country at this time.
Williams added that next week’s presidential and the following gubernatorial elections in Nigeria “can produce greater uncertainty and political unrest.” According to the U.S. government information, from the Energy Information Administration, Nigeria produced slightly over 2.2 million barrels per day in 2009, reaffirming Nigeria as the biggest oil-producing nation in Africa.
Click to signup for FREE news updates, latest information and hottest gists everydayBut there is a proviso: Such a notice will only be given when there are scheduled power supply interruptions which the nation’s distribution companies have control over.
The Chairman of NERC, Mr. Sam Amadi, who had an official meeting with chief executive officers of the nation’s distribution companies, including licencees in Abuja yesterday, also chided them for not complying with relevant health and safety issues.
He said: “All distribution companies must from now onwards, do what they are supposed to do. They must give consumers the respect they deserve by giving desired notifications to consumers on scheduled interruptions. We are focusing on strengthening our information channels with the licencees. We also want to be effective in enforcing standards. We also want to strengthen our regulatory duties and apply the big stick where necessary. Where situation requires, we won’t fail to enforce the law.
“We have adopted a framework of consistent discussion with chief executive officers to ensure the application of relevant codes. We want to always have feedback on your work. This will be more regular. We are fed up with the standard of electricity supply in the country. We know that some of the problems are deep-rooted.”
Charging distribution companies to ensure compliance with the compulsory monthly report on health and safety measures, he urged NERC to do all within its powers to enforce safety and consumer issues.
Amadi observed that the CEOs were not doing their monthly reports in the area of health and safety measures, noting: “We will henceforth view this very seriously. Each CEO should set up a health and safety unit directly responsible to the CEO. Most of you have not complied. There have been violation of market rules and the violation of standards by the market operators and we won’t take this lightly. Several complaints have come our way on how consumer issues are poorly handled. We need to monitor this and improve our responses to complaints quickly.”
Meanwhile, amidst growing concerns about global oil supplies with the political crises in Libya and the Middle East, industry watchers are saying the fate of the ongoing Nigerian elections may be a source of further shocks for the international oil market.
Speaking yesterday in New York with The Guardian, a United States (U.S.)-based Nigerian Wall Street expert, Dr. Chamberlain Peterside explained that the “market shock can go either way - positive or negative. But if the elections go well as we have begun to notice oil market will react positively and prices might experience an episodic downward trend in the belief that supplies from Nigeria will be higher and predictably stable.”
Peterside, CEO of New Era Corporation and CNN financial news contributor added that but: “If the elections spring any more surprises beyond current expectation, prices could spike on the fear that renewed unrest could disrupt production thereby inflaming an already volatile global market.”
He said the oil market had become truly volatile resulting from the Libyan crises and festering Middle Eastern civic unrest. According to him, whichever way the “pendulum swings, you will have the shock.”
Peterside’s views found elaboration from the Reuters financial news service Market Watch warned yesterday in a statement in New York that a “dissatisfaction with the election process could lead to sabotage of oil pipelines and attacks on production, a reprise of what Nigeria experienced during much of the past decade.”
Market Watch added that a hit to Nigeria’s output would add more support to oil prices that recently topped $126 a barrel in European markets and touched $113 in New York on Monday.
Reviewing the political crisis in Libya which is looking more and more like a civil war, Market Watch quoted Mark Williams, a risk management expert and finance professor at Boston University who said the Libyan turmoil in the past month had demonstrated how “daily oil production at the margin, even if only two per cent of global market demand, can spike the price of oil.”
Reuters reported that it was an oilfield fire last week in Libya that contributed to a more than two per cent jump in oil futures on Friday to their highest level in over 30 months.
And there is concern in the international oil industry that “Nigeria has a similar market share of world oil production to Libya, putting it in a position to jolt global oil markets if output is curtailed,” in the country at this time.
Williams added that next week’s presidential and the following gubernatorial elections in Nigeria “can produce greater uncertainty and political unrest.” According to the U.S. government information, from the Energy Information Administration, Nigeria produced slightly over 2.2 million barrels per day in 2009, reaffirming Nigeria as the biggest oil-producing nation in Africa.
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