TCN GIVES UPDATE ON LATEST GRID COLLAPSE

The Transmission Company of Nigeria TCN says the disturbance on the national grid earlier experienced Thursday, 7th November 2024, was as a result of sudden rise in frequency, and that the recovery efforts had commenced with electricity supply restored in some parts of the country within twenty eight minutes of occurrence.

TCN also adds that the frequency spike was caused by issues encountered at one of the substations.

It notes that due to the ongoing repair work on the transmission lines along the Shiroro–Mando axis, major upgrades at the Jebba Transmission Substation, and the restoration of the second Ugwuaji–Apir transmission line, some degree of instability in the system, TCN says, is likely to persist until all major works are completed.

TCN regrets the impact of these disruptions, and asks for the understanding and patience of the consumers as the company remains committed to improving the reliability of electricity supply.

The wealth of billionaire Tesla and X owner, Elon Musk, has soared by about $13 billion hours after his ally, Donald Trump, won the United States presidential election.

Early Wednesday, investors said Trump’s win will also be a win for Musk’s major public holding, Tesla (TSLA), sending shares of his electric vehicle maker up 13% at the market open, CNN reports.

The development lifted the value of the 411 million shares of Tesla that Musk owns outright by more than $13 billion, which works out to a better than a 11,000% return on the $119 million he donated to Trump.

No single business leader did more to support former President Donald Trump’s candidacy than Musk.

Musk has donated nearly $119 million so far to a political action committee he set up to support Trump, according to Federal Election Commission filings. He has also appeared with Trump at rallies and hosted a fawning interview with him on X, his social media platform.

• Trump’s win: What does this mean for Nigeria?
• ‘Your victory shows confidence Americans have in you’, Tinubu hails Trump

“He’s bet big here. He dove into the deep end of the pool on this election,” said Daniel Ives, tech analyst at Wedbush Securities.

Much of Musk’s massive net worth can be traced to the government support his companies, such as Tesla and SpaceX, have received over the years. Even if Vice President Kamala Harris had won, much of that money would have continued to flow.

But even if some of the government support for electric vehicles is now trimmed or cut off, as is likely with Trump’s victory, Musk’s wealth will remain firmly intact. In fact, Tesla could benefit if government support for EVs ends.

Musk posted numerous tweets on his social media platform X late Tuesday and early Wednesday celebrating Trump’s victory.

“The people of America gave @realDonaldTrump a crystal clear mandate for change tonight,” he wrote in one of them.

But Trump’s victory could be negative to Musk’s investment, too. Trump has been openly hostile to electric vehicles, saying they are too expensive, have limited range, and will destroy jobs and the American auto industry. But what might seem like the biggest blow to Tesla from another Trump presidency — a reduction, if not the end of federal support for EVs — might not be all that bad for Tesla and Musk.

Other policies that are the centre of Trump’s plans could cause major problems.

Trump has vowed to end something he calls “Biden’s EV mandate,” even though no such mandate exists, and it is unclear what he is referring to.

But under Biden there has been significant government support for building and buying EVs, including billions of dollars in loans to encourage automakers to invest in factories to build EVs and batteries in the United States, support for charging stations and a $7,500 tax credit to many electric car buyers.

Again, Nigerian Electricity Companies Raise Meter Prices

Electricity Distribution Companies (DisCos) in Nigeria have officially announced an increase in the prices for electricity meters.

The increased prices will start on Tuesday, November 5, 2024.

The cost of a single-phase meter, a common type for household use, will now range from about N117,000 to as much as N149,800, depending on the DisCo and vendor.

The price for the three-phase meter, which is often used for larger homes or commercial buildings, has also seen a rise, although specific figures were not provided in this announcement.

This decision comes amidst rising operational costs, which have made it more challenging for DisCos to maintain their services at the current price levels.

The hike in meter prices is expected to affect millions of Nigerians who rely on prepaid meters, with the new rates set to be implemented across various states.

The announcement has sparked concerns among consumers who are already dealing with the economic pressures of rising inflation.

Many households and small businesses that rely on electricity to operate are now questioning the affordability of these new charges.

Despite the increase, DisCos argued that it is necessary to ensure sustainability in their operations and provide better services in the long run.