Geregu Power Plc has signed an settlement with Siemens Energy for 3 generator transformers to strengthen plant reliability, following a sharp decline in electrical energy revenue throughout the first half of 2026.
The firm disclosed the settlement in an October 23, 2026 announcement filed with the Nigerian Exchange Limited.
The transformers will serve its GT11, GT12 and GT13 producing items on the Geregu Power Plant in Ajaokuta, Kogi State, supporting efforts to scale back equipment-related outages.
Siemens settlement targets plant reliability
Geregu stated the transformers are anticipated to boost gear reliability and strengthen the plant’s connection to Nigeria’s nationwide grid. Siemens Energy will design, manufacture, take a look at and ship the gear beneath the settlement.
Geregu may even take part in Factory Acceptance Testing earlier than the transformers are shipped to Nigeria, as a part of the procurement course of.
- “The procurement forms part of Geregu’s continued investment in the maintenance, modernisation and improvement of its generating assets,” the corporate acknowledged.
- “The initiative is aimed at strengthening critical plant infrastructure, operational reliability, minimising the risk of equipment failure, and supporting the safe and reliable operation of the plant.”
The firm didn’t disclose the contract worth, supply schedule or commissioning date.
Its Ajaokuta plant presently operates three Siemens V94.2 gasoline turbine generator items with a mixed put in capability of 435 megawatts. The settlement builds on the present relationship between the 2 firms and focuses on infrastructure serving these items.
The announcement didn’t disclose a rise in put in producing capability.
Energy gross sales revenue falls 78%
Geregu’s unaudited monetary statements for the six months ended June 30, 2026, present a steep contraction in each vitality gross sales and capacity-charge revenue. Total revenue fell 78.7% to N18.66 billion, in contrast with N87.63 billion within the corresponding interval of 2025.
The breakdown in Note 6 exhibits that the decline affected each elements of the corporate’s electrical energy revenue.
- Revenue from vitality bought dropped 78.1% to N12.46 billion, from N56.77 billion.
- Capacity-charge revenue declined 79.9% to N6.20 billion, from N30.87 billion.
- Second-quarter revenue fell to N419.13 million, in contrast with N55.87 billion a yr earlier.
- Half-year revenue after tax fell roughly 88% to N2.54 billion, from N20.27 billion.
The revenue figures are disclosed within the firm’s half-year monetary assertion, whereas Nairametrics’ August protection additionally highlighted the earnings decline and reported {that a} main turbine upkeep programme had disrupted operations.
The newest transformer procurement provides additional context to Geregu’s funding in gear reliability following that weak first-half efficiency.
Asset funding and bond reimbursement
The half-year accounts additionally report N291.41 million in additions to property, plant and gear, offering a measure of capital funding recognised throughout January–June 2026.
These accounting additions must be distinguished from money capital expenditure and from the undisclosed worth of the October transformer settlement.
The additions have been concentrated in gear and autos, in response to the fixed-asset schedule.
- Office gear accounted for N163.27 million.
- Trucks and autos contributed N91.84 million.
- Computer gear accounted for N20.15 million, whereas furnishings and fittings added N16.16 million.
The accounts individually recognised N1.53 billion in repairs and upkeep bills for plant and equipment, in contrast with N839.30 million a yr earlier. That working expense is separate from the fixed-asset additions.
