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 through 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 models on the Geregu Power Plant in Ajaokuta, Kogi State, supporting efforts to scale back equipment-related outages.
Siemens settlement targets plant reliability
Geregu mentioned the transformers are anticipated to boost tools reliability and strengthen the plant’s connection to Nigeria’s nationwide grid. Siemens Energy will design, manufacture, take a look at and ship the tools beneath the settlement.
Geregu may also 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 at present operates three Siemens V94.2 gasoline turbine generator models with a mixed put in capability of 435 megawatts. The settlement builds on the prevailing relationship between the 2 firms and focuses on infrastructure serving these models.
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 power 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 reveals that the decline affected each elements of the corporate’s electrical energy revenue.
- Revenue from power 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 12 months earlier.
- Half-year revenue after tax fell roughly 88% to N2.54 billion, from N20.27 billion.
The revenue figures are disclosed within the company’s half-year financial statement, whereas Nairametrics’ August coverage 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 tools 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 tools, 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 had been concentrated in tools and automobiles, in keeping with the fixed-asset schedule.
- Office tools accounted for N163.27 million.
- Trucks and automobiles contributed N91.84 million.
- Computer tools 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 12 months earlier. That working expense is separate from the fixed-asset additions.
