The federal government has increased the price of gas to power plants from the present $1.50 to $3.30 per metric cubic feet (MCF) while it plans to add about 370 million MCF of gas to power by year end.

While the move is expected to further lead to an increase in electricity tariff, government has said it is targeting an additional 5,000 mega watt (MW) to the national grid as gas would hopefully become more available following the increase.

The development was announced yesterday by the Minister of Petroleum Resources, Mrs Diezani Alison-Madueke, who also disclosed a new initiative that would see the Central Bank of Nigeria (CBN) lead in an effort to pay off about N25 billion owed gas suppliers by the power generating companies.

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http://monitor9ja.com/2014/08/fg-approves-new-price-gas-power-plants/