Anthony Chibuzo
As part of its broader integrated energy strategy, Transcorp Energy Limited, plans to invest in nuclear power plants to diversify its energy generation.
Unveiling the plan at a virtual event in Abuja, Transcorp said it intends to collaborate with the Federal Government.
While nuclear energy is a proven, clean and sustainable technology, it is usually left out of the energy mix, even as it produces more power than other renewable power sources.
The International Energy Agency (IEA) projects that by 2050 nuclear energy will be one of the largest low carbon electricity sources, accounting for up to 17 per cent of the global electricity demand.
But the biggest challenge facing nuclear power adoption globally is the cost, the average budget for setting up a large modern day reactor according to VOX, would be upwards of $5 billion, however by using the OPEN100 blueprint and design, Transcorp hopes to shave the price tag down to the region of $300 million.
The OPEN100 is an open-source blueprint for nuclear power plant deployment for a small, standard, pressurized water reactor, designed by Energy Impact Centre (EIC), a US-based research institute on Climate restoration.
The model seeks to drastically cut the time and development cost of setting up a nuclear power plant said Peter Ikenga, Head of Transcorp Energy.
Ikenga explained that the plan offers considerable potential to the power sector, and expressed the company’s interest in collaborating with the Ministry of Science and Technology in the power diversification drive.
This project is transformative, and a first in Nigeria, and would radically change the way nuclear power plants are deployed, offering a substantially less expensive and less complicated solution.
Ikenga said: “This project is transformative, and a first in Nigeria, and would radically change the way nuclear power plants are deployed, offering a substantially less expensive and less complicated solution. It will further provide the country with a reliable and sustainable energy source without the challenges preventing stable and reliable power generation in Nigeria.”
Using the OPEN100 model, Transcorp Energy plans to introduce nuclear power as a viable alternative solution to the country’s power dilemma.
While also speaking at the event, the Minister of Science and Technology, Dr. Ogbonya Onu, reiterated the Federal Government’s commitment to promoting the application of science, technology and innovation in Nigeria.
“We are delighted to see this innovation and appreciate Transcorp for continuing to champion innovative solutions to Nigeria’s power infrastructure needs.” he said.
Ọnụ further directed that a joint committee, comprising Transcorp and all the relevant stakeholders be established to jointly manage the execution of the project.
