Geregu Power signs Siemens transformer deal after sharp revenue decline
Geregu Power Plc has signed an agreement with Siemens Energy for three generator transformers to strengthen plant reliability, following a sharp decline in electricity revenue during the first half of 2026. The company disclosed the agreement in an October 23, 2026 announcement filed with the Nigerian Exchange Limited. The transformers will serve its GT11, GT12 […] The post Geregu Power signs…
Siemens Energy and Geregu Power Plc have signed an agreement to purchase three generator transformers, aimed at improving the reliability of their Ajaokuta plant's GT11, GT12, and GT13 units. This follows a significant drop in electricity revenue during the first half of 2026, with the company reporting a 78.7% decline in total revenue from N87.63 billion in the same period last year to N18.66 billion.
The transformers, which will be designed, manufactured, tested, and delivered by Siemens Energy, are expected to enhance equipment reliability and strengthen the plant's connection to Nigeria's national grid. Currently, Geregu Power operates three Siemens V94.2 gas turbine generator units with a combined capacity of 435 megawatts.
The agreement comes as part of ongoing efforts to strengthen the company's infrastructure and address the challenges faced during the weak first-half performance, including a major turbine maintenance programme. The financial statement for the six months ending June 30, 2026, reveals the revenue contraction, alongside a N291.41 million increase in property, plant and equipment additions, which should be distinguished from the undisclosed value of the transformer agreement.
Written by urgent.news from Nairametrics's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
