Ibadan: The Oyo State Electricity Regulatory Commission has said that no fewer than 30 investors have expressed interest in partnering with the state in establishing its independent power project.
The Chairman of the commission, Prof. Daud Sangodoyin, disclosed this during a briefing for journalists on Wednesday in Ibadan.
Sangodoyin, who is also the Commissioner For Energy and Natural Resources, disclosed that the government was considering approving three or four electricity providers to meet its needs, including a hydroelectricity project at the Asejire dam in Ibadan.
He stated that having its own regulatory commission allows the state to independently manage electricity generation, distribution, transmission, and the market.
The chairman expressed regret that the country’s power sector had faced numerous challenges over the past 60 years due to management issues.
Sangodoyin, however, said that the new law, which empowered each state to regulate its electricity, would protect consumers and attract private investors to the sector in the state.
He further stated that the commission would ensure accountability of service providers and set tariffs.
“With the new regulatory framework, Oyo State aims to address the electricity deficit and make significant progress in the next two to three quarters,” the chairman said.
Sangodoyin added that the Ibadan Independent Power Project (IIPP) was expected to address electricity issues, with several key government buildings and institutions set to benefit from the 12-megawatt project by June, when the project is scheduled for completion.
The commission signed a Memorandum of Understanding with Shell to distribute gas in parts of Ibadan, which is expected to ease distribution challenges, the chairman said.
He added that the commission has launched its website, which provides information on the state’s priority plans and investment opportunities.
According to him, the commission is working to improve access to electricity, street lighting, and other critical infrastructure across the state.
