Geregu Power Plc

Geregu Power Plc is listed on the Nigerian Exchange under the symbol GEREGU. It is a gas-fired power generation company and one of the largest thermal power plants in Nigeria by installed capacity. Geregu Power was privatised as part of the Nigerian government's unbundling of the Power Holding Company of Nigeria (PHCN) in 2013, and its power plant is located in Ajaokuta, Kogi State. The company listed on the NGX in October 2022 in one of the largest listings by market capitalisation on the exchange in recent years, attracting significant investor attention to the power generation sector. Geregu is controlled by Femi Otedola, a prominent Nigerian businessman.

Geregu Power generates electricity using gas turbines and sells power to the Nigerian Bulk Electricity Trading company (NBET) and eligible customers under power purchase agreements (PPAs). Revenue is driven by the volume of electricity generated (measured in megawatt-hours), the tariff rates under its PPAs, plant availability and capacity utilisation, and gas supply reliability. The power generation business in Nigeria operates within the Single Electricity Market framework regulated by the Nigerian Electricity Regulatory Commission (NERC). Gas supply from pipelines to fuel the turbines is a critical operational input, and disruptions to gas supply directly reduce generation output.

People researching Geregu Power shares are typically interested in Nigeria's power sector as a structural growth opportunity, exposure to electricity generation as a critical infrastructure business, or the high-profile listing and its significance as a large-cap addition to the NGX. Geregu is one of the few listed power generation companies on the Nigerian Exchange, giving it a distinct profile.

• Review the official NGX company profile for GEREGU to confirm listing details and recent financial results announcements and regulatory filings.
• Read Geregu Power's annual reports and results to understand generation volumes, plant availability, capacity utilisation rates, tariff rates under PPAs, gas supply performance, and revenue and margin trends.
• Assess Nigeria's power sector policy environment: NERC tariff reviews, NBET payment performance, gas pipeline availability and pricing, and the pace of the Nigerian electricity market privatisation and reform process.

• Gas supply risk: Geregu Power depends on pipeline gas to fuel its turbines. Gas supply disruptions — from pipeline vandalism, maintenance, or supply shortfalls — directly reduce generation output and revenue.
• Payment and offtake risk: revenue depends on NBET and eligible customers paying promptly under PPAs. Delays or defaults in payment from electricity off-takers can affect cash flow.
• Regulatory risk: tariff rates are subject to NERC review and approval. Adverse tariff determinations can affect revenue per megawatt-hour.
• Policy risk: the Nigerian power sector reform process involves multiple government agencies and is subject to policy changes that can affect operating conditions.
• The value of shares can rise or fall. Past performance of GEREGU is not a guide to future returns.

Geregu Power listed on the NGX in October 2022. Its dividend history as a listed company is relatively short. Investors should review the latest NGX filings and annual reports for current dividend policy and any payout announcements.

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