Energy Company Nigeria Plc (ENCON) would boost the Nigerian electricity supply by 500 Megawatts within the next three years. Speaking at the 4th Annual General Meeting of the company, recently in Tinapa, Cross Rivers State, South-South Nigeria, the Executive Chairman, Engr., Abidoye Ayoola disclosed that the company would embark on two-pronged growth strategy, which includes internal development of green-field power projects and the acquisition of brown-field power plants.These strategies, he expressed confidently, would reposition the company in the emerging Power market in Nigeria.   

In more specific terms on the future development plans of the company, Ayoola said the company is vigorously pursuing the construction of the Phase 2 of the Ikorodu Industrial Power Project, which would be a 140MW, simple cycle gas driven power plant, providing electricity to the national grid as well as the fast growing industrial consumers in the area. While awaiting the government to sign the offtake contract, he said the company is planning an additional 25MW to existing Phase 1 capacity on a fast-track basis to meet the expected demand of the sole offtaker, the African Steel Nigeria Limited. The existing capacity of the Phase 1 is 10MW.

He also added that the feasibility studies and front end engineering design have been completed for the Phase 1 of the 140MW plant for the Onne Oil and Gas free Zone. According to Ayoola barring any unforeseen circumstances the construction should commence first quarter of 2010, adding that efforts are in progress to secure funding sources for the project immediately the offtake contract is signed by the last quarter of 2009.