GERMANY AND AUSTRIA TO TAP OIL RESERVES AFTER 400 MILLION BARRELS REQUESTED. (PHOTO).

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 Germany and Austria to tap oil reserves after 400 million barrels requested  Germany and Austria announced they are releasing portions of their oil reserves in response to an International Energy Agency request for member nations to collectively release 400 million barrels to help ease rising energy prices linked to the Iran conflict. Japan also said it will begin releasing part of its reserves starting Monday. The move marks one of the largest coordinated releases of emergency oil stocks in history. The previous record came in 2022, when IEA members released 182.7 million barrels following the energy disruptions caused by Russia’s invasion of Ukraine. Member countries currently hold over 1.2 billion barrels of public emergency oil stocks, along with an additional 600 million barrels of industry stocks maintained under government requirements. The release comes amid heightened tensions in the Persian Gulf, where Iran has targeted commercial ships and disrupted shipping throug...
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BLACKOUT: NATIONAL GRID COLLAPSES AGAIN PLUNGING NIGERIA INTO TOTAL DARKNESS.(PHOTO).

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 Blackout: National grid collapses again plunging Nigeria into total darkness

Nigeria’s national electricity grid collapsed early on Monday at about 2:00 am, plunging the nation into total blackout.


According to data from the Transmission Company of Nigeria (TCN), the four generation companies recorded 0MW generation from around 2:00 am this morning.


Furthermore, load allocation to Discos as the time of filing this report was zero in seven out of the 11 electricity distribution companies (Discos), with Ikeja, Benin, Abuja and Ibadan Discos the exceptions. In total, the load allocation to Discos stood at a meagre 250MW this morning.


The TCN is yet to confirm the collapse of the grid. If confirmed, this would be the sixth grid collapse this year and would add to the nation’s recent electricity woes.


The Nigeria Electricity Regulatory Commission (NERC) earlier this month hiked the electricity tariff for ‘Band A’ customers by around 300% to N225/KWh in a bid to attract investment and reduce the electricity subsidy cost on the Federal Government. Diverse reactions have trailed the move, with some members of the public applauding and others expressing condemnation for the increase.


The recent collapse has negative implications for businesses and households if sustained over a long period without resuscitation.


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