Member Info for ZENGAS

Maybe of no interest to Save but asset sales gathering pace and comes on the back this past week of private equity Carlyle group picking up 33,000 bopd producing assets in Colombia from Occidental for $700m (+$150m additional) as they are a distressed seller and also trying to sell their Ghana assets (Jubilee/Ten) which was reported that Save was in the running for some while back.

From AEI today -
'Despite getting off to a such a good start, things soon went from bad to worse for the junior oil firm Delonex Energy. Under Rahul Dhir, who left in July to take over the helm of Tullow Oil, it gradually wound down.
Founded in 2012 and funded by US fund Warburg Pincus and the World Bank's International Finance Corporation, Delonex Energy is now a shadow of its former self. Both its founders have since jumped ship: David Ginger for Warburg offshoot Neptune Energy in 2018, and Rahul Dhir for Tullow Oil in early July. As a result, Delonex Energy never managed to build a portfolio of assets to keep afloat.
Leaving Chad
According to our sources, in September Delonex commissioned Scotiabank to sell all its permits in Chad. Alonso Maggo, the project manager and technical director for investment bank Moncef Attia, is out looking for buyers for Delonex's shares in blocks H, DOC and DOD and Largeau.
Scotiabank is marketing block H, for which a drilling campaign is already scheduled, with a theoretical capacity of around 85,000 bpd.
Warburg has good reason to be displeased
The American investment fund Warburg Pincus lost everything with Delonex. Since the company opened its doors, it has swallowed lots of cash without producing a single drop of crude. It is not certain that the sale of the Chadian assets will work out and significantly reduce the mountains of lost money. '
-----------------------------
Block H 3-10-19 Upstream - 'Privately-owned explorer Delonex Energy has made four oil discoveries in Chad’s frontier Termit basin and will begin drilling appraisal wells next year to also target a deeper, higher potential play.
“In the last year, we have drilled six exploration wells and have made four discoveries — these are exciting times,” said Lorna Blaisse, senior exploration geologist at Delonex, at the Africa E&P conference in London this week.
Delonex has identified three oil plays in the block — two Cretaceous and one Tertiary.
The Tertiary reservoirs are fluvial, deltaic and lacustrine in nature, said Blaisse, with porosities over 25% and permeabilities up to six Darcies permeabilities “in very quartz-rich sands with minimal clays”.
Delonex — headed by chief executive Rahul Dhir — has found mature Cretaceous source rocks right across the block and at many levels and with a total oil content of up to 20%.
The real intrigue for us,” said Blaisse, “is porosity preservation in over-pressured Cretaceous shales, a play which has the potential to open up huge new reserves in the basin and a broader variety of deeper traps.'

Personally pleased with the results on the back of just these 3 contracts.

35 mmcf/d Afam + the 5 mmcf/d industrial customer to soon kick in plus contracts to the value of $40m+ in FCF being progressed which will make a very significant positive impact to the overall picture.

Over at Stubb Creek, If debottletenecking complete by July, that should also more than double revenue from there and increase FCF. On all of the above, unit costs should continue to drop significantly.

For now and as a seperate business, if we put aside Nigeria and it's non recourse debt to SAVE.
There was 275m shares in issue prior to Nigeria and the s/p was 38p with a m/cap of £105m with no wells drilled and no oil booked in Niger.
996m shares in issue but a m/cap at 8p = £80m now.
Question is, with what we have discovered in Niger, is it still a good investment at this level ie £80m ?, given it's even more derisked and the fact that they've been proved right on the greater than basin wide average of 75% success rate by having a 100% discovery rate on their first 5 out of 5 exploration wells.
Very rare to get that kind of opportunity of reserve size potential & extremely high success rate for a company the size of Save with an initial 33 mmbo 2C booked as testament and ready for early production.
6 weeks ago - "we assessed the R1/R2/R3/R4 project as having the potential for hundreds of millions of barrels of oil to be commercialised in a Foreign Direct Investment friendly country".
There's still over 2.5 billion bls of risked recoverable oil to target (unrisked much higher). An absolutely huge figure relative to exploration risk/basin discovery average.
When they eventually start and they will imo, how many 'hundreds of millions of bls' can they eventually book for commercialisation ?
They are estimating every 20 mmbls tied in is worth just under $100m - implies $1.4b/£1b value for 280 mmbls which is roughly 100p/share as things stand.
I don't ever want to expect the bulk of 2 billion bls risked, but if the bigger plays netted 800m -1 billion bls from the already risked figure then Niger has the potential for 285p/350p as things stand using Saves valuation. Big figures can seem sky high but in context of studying the oil generation kitchen basin wide, along with the multiple basin wide discoveries the possiblility is there to achieve those kind of sizeable discoveries. The chinese have 1 billion bls and that's still only from a few of the many untapped play types !
If you were to reduce the $ per bl valuation used by Save by a third, you'd need to book about 400 mmbls which is still under 20% of the risked recoverable figure to get around 100p of value. If they were lucky to make either of the bigger 2 discovery figures - paring back the valuation by a third would still be knocking on 200-250p. This is the compelling reason for me staying, waiting and having increased my investment (along with potential of Nigeria).
Niger needs the investment, Chinese need to build the pipeline to get their oil out. Risks as i see it are terrorist but for now a good international presence in Niger. Elections shortly and hopefully a continuation of present government.
I doubt if AK would risk going down the long haul of staying indefinitely if the oil finds stacked up. Perhaps he may sell off part or all of Niger in due course without selling the entire company.

Haz etc thanks for comments.
When we acquired Accugas our average FCF for the 3 years was estimated around $130m/yr.
I see the risk as late payments holding our development up, but not so much of a risk as never getting paid.
I see risk reducing when generation output increases, closing the gap to 24 hr supply, metering and increase in customer connections thus a greater source of revenue in addition to full tarriff reflective cost which again boosts revenues and gradually elimates shortfalls in the entire chain. It's economic sense and oil isnt always going to drive the Nigerian economy as it once did.
It should work because the govt needs to move away from oil based economy, reduce and meet emissions targets, replace high diesel/petrol costs (that people fork out for which should ultimately be cheaper) to electric power instead, health issue costs in real terms and the loss of $25b+ annually in GDP, the need for significant job creation and a population that is rising by about the size of Scotland every year in need of power and all the benefits that brings. The alternative is addmitting failure and instability in the years ahead??
How can SAVE deal with late payments and the $120m/yr average expected ?
Acquiring more higher end, non government industrial customers which AK said this/next year size of prize was worth over $40m+ yr in additional FCF and thereby replace some of that delayed FCF or live with some late payment issues longer until sector balances out .
One would think that would ultimately keep our original $120m/yr FCF on track and cover all committments as originally planned in allowing for any problem customers. They can't all be problematic because they need power, non government constrained on payment and if they are already forking out perhaps more than twice as much for diesel, you would think this would ultimately give these businesses a major boost in energy cost savings from day one.
On the Nigerian oil front - i see more opportunities for marginal fields and Stubb Creek has yet to double production once debottlenecked. Majors have oprerated there for years so i don't see the likes of Save being stopped from getting too big. Country needs all the investment it can get post Covid so hopefully we make the most of it under the present government.
Payment issues don't unduly worry me and are low down my scale for risk. If we have a decent spread of Nigerian assets there's no reason why Save can't create significant value.
Country generally stable and while always possible for terrorist acts like anywhere i think electricity is key and a priority for development in helping the county to prosper and keep dissafection to a minimum.

Increased cash collection and production up by 40% leaving us v happy.
Expect to be significantly cash flow generative this year.
Contracts are dollarised, no FX losses as these are billed to customers. No impact on the business.
Expect material growth.
Increase production gives an increase to the bottom line at little cost.
Afam p/station expectation kick in by year end.
Compelling assets.
Undeveloped gas nearby.
Starting to deliver.
2 new contracts expect to announce b4 year end.
Re-iterated diesel $12/mcf equivalent. Focus is on higher margin paying industrial customers.
Re-emphasised Nigerian news industry not like UK.
2021 share buy backs or dividend.
Stock seller re decarbonisation reduction.
Very confident of share price and growth.
Can't talk on Capex re close period with half year results due.
Niger - hope to disclose more before year is out. Mentioned partner talks ongoing or a non recourse funding package (Maybe oil trading group potential my thought ??).
97% of current debt non recourse to Save.
Niger breakeven $26/b.
V Excited about the opportunities in both countries.
Sounded v upbeat and confident and i didn't detect any display of unease about the state of the business.

There appears imo to be a further potential $100m or thereabouts of new revenue representing possibly $60m of additional free cash flow which is bound to be a game changer at some point before long.

We must be close to some production on the 2 customers announced. Up to 35 mmcf/d to Afam + 5 mmcf/d to an industrial customer.

Pipeline upgrades to Afam coupled to the C-19 were supposedly the cause of delay.

If sales of about 25 mmcf/d + 4 mmcf/d from those 2 contracts were going through at $3/mcf & $5/mcf, it could be worth perhaps $36m/yr of new revenue with around half this FCF.

On top of this, how close is Accugas to securing the following project between now and completed in 2021.
"In addition, Accugas is progressing a project which could see the addition of multiple new gas sales customers located within an industrial hub area in close proximity to our existing pipeline network. I expect this to result in the addition of further new Gas Sales Agreements over the course of 2020/21. To "size the prize" we would estimate this opportunity to potentially represent more than US$40 million of incremental annualised free cashflow associated with new annualised take-or-pay cash receipts to Accugas."

Re the marginal field round, AK had said at the agm they had registered with partners for the bid process.

Seems John wasn't as successful as hoped for with Canadian Africa Hydrocarbons Inc in Tunisia

VANCOUVER, British Columbia, May 25, 2018 (GLOBE NEWSWIRE) -- BlockchainK2 Corp. (formerly Africa Hydrocarbons Inc.) (TSX.V:BITK) (the “Company”) is pleased to announce that it has completed its previously announced “Change of Business” transaction (“COB Transaction”). As part of the COB Transaction, the Company changed its name from Africa Hydrocarbons Inc. to BlockchainK2 Corp.2 The Company is completing the Change of Business by acquiring cryptocurrency mining rigs and other equipment necessary to commence cryptocurrency mining operations."
https://www.globenewswire.com/news-release/2018/05/25/1512390/0/en/Africa-Hydrocarbons-Completes-Change-of-Business-Transaction-and-Changes-Name-to-BlockchainK2-Corp.html

Would be best to look to Panoro Energy who went in, in 2018 and get an idea of costs/profit on their onshore Tunisian activitives. About $20/b net back on $65/b Brent. Q2 results recently out.

From Kufpec.
P21.
Sidi El-Kilani
KUFPEC’s efforts with the JVPs continued during the year to enhance the field development and production. Activities included well interventions and workovers
KUFPEC’s net production averaged 135 BOEPD, compared to 150 BOEPD in 2018.
P57. Following the financial year end, the Company via its subsidiary, KUFPEC (Tunisia) Limited signed the sale and purchase agree-ment dated April 19, 2020 in respect of sale of certain interest in the Sidi El Kilani concession and its completion conditional upon the Tunisian government and other relevant approvals
https://www.kufpec.com/en/publications/annual-reports

This acquisition will suit AC if it goes through but it will take money to lift production so he might bide his time until oil prices improve. If he's getting it for a song it raises his company profile and the Kuwaitis just want out as it's too small anyway in their scheme of things relative to Kufpecs size. It's one thing having production, but another making money out of it beyond just paying staff, company overheads, director salaries etc and little return to shareholders. He needs a substantial lift in reserves and production and only time will tell if he has the cash and experience to do that. I think the field had 4 mmbo gross some years ago. Also with Kuwaitis getting out, will the Arab investors put up cash at 2.5p re risk etc, when other subscribers have been getting in well under that level.

18-9-20 AEI

New energy minister Salwa Sghaier takes charge of a sector in ruins

The majors present in Tunisia, already struggling to contend with Covid-19, could leave the country altogether because of the highly volatile social situation there. New energy and mines minister Salwa Sghaier is taking up her post at a time of tension in the Tunisian oil sector.
New prime minister Hichem Mechichi talked to a considerable number of people in his efforts to find a new energy and mines minister but was met with a lot of refusals, including by former energy ministers. Salwa Sghaier, who was finally appointed to the post in early September, takes up her duties with the oil exploration and production sector in a total impasse. Sghaier, who was previously chairwoman and chief executive of Société Tunisienne des Industries de Raffinage (STIR), is faced with a steady rundown in the country's oil production, which has slumped from nearly 80,000 bpd in 2010 to barely 35,000 bpd in 2019.
In addition, protest movements in southern Tunisia, including one which bears the name of the village of Kamour, have been preventing several companies from moving their production in the normal way because of a pipeline closure. ENI, which operates the El Borma and Adam fields, and OMV have both been affected. The situation is preventing the oil from being transported northwards to Bizerte, where the crude oil is normally refined at STIR or exported.

Oil company exit

According to our sources, Anglo-Dutch major Shell is preparing to leave. The only thing holding it back is the hundreds of millions of dollars owed it by national electricity company STEG, making a sale impossible. As for the other major still active in the country, Italy's ENI, since the Tunisian government prevented it from selling its blocks to oil junior Trident Energy in 2018, it has virtually ceased investing in the country despite its promises to the contrary. Repsol, which had been exploring on three blocks, left in 2018 (Africa Intelligence, 27/11/18). Austria's OMV has heavily disengaged in recent years following the sales of its TPS field to Panoro Energy and its Ashtart field to Perenco. Anadarko, Lundin Petroleum and PA Resources have already left. Kuwaiti company Kufpec is also looking to leave through the cut-price sale of its stake in the Sidi El Kilani field to Italian businessman Andrea Cattaneo's Zenith Energy.

Couple of news items this week since the latest tarriff increases 2 weeks ago.

Govt to put sanctions on Discos in chasing payment arrears of $550m.

Also "the Nigerian Electricity Regulatory Commission, NERC, stated that ****henceforth, the DISCOs, shall be availed the opportunity to earn their revenues only upon fully meeting major financial obligations such as the Central Bank of Nigeria, CBN-Nigeria Electricity Market Stabilization Facility (NEMSF), 100 per cent settlement of Market Operator’s invoice and NBET invoices". ****
Be interesting to see how this improves things. Posted recently about the C.Bank ringfencing cash from Discos for payment.

Also World Bank disbursing $750m through to 2023. These aren't the only funds as also Japan/Siemens-Germany backed and wider funding loans.

Lack of sufficient and regular electricity costsing Nigeria 2% of GDP or circa $26b annually. In just 4 years this is $100b lost so shows how much is to be gained diversifying away from an oil based economy for the Nigerian government and the various agencies backing them. In the context of current electricity sector losses and government backed payment schemes, it's a small price to pay in making those subsidies until equilibrium is reached.

https://www.vanguardngr.com/2020/09/fg-goes-tough-on-11-discos-over-settlement-of-n173bn-nbet-debt-as-new-tariff-begins-investigation/

https://allafrica.com/stories/202009140950.html

Recent article in the Cable Buffy.

https://www.thecable.ng/exclusive-accugas-issues-new-deadline-to-fg-after-receiving-n13-6bn-arrears

should add - thats against AKs guidance of in excess $200m revenue for 2020.

When SAVE reported on 31/7 they stated H1 2020 cash collections from the Nigerian Assets of US$82.1m.
Apparently another $35.8m paid on 28/8 in respect of Calabar which would mean cash collections so far are $117.9m not counting anything from the other 2 contracts after 30/6 or start up from Ifam plus new lower volume/higher priced customer or the oil element.

Still appears at an average of 4-6 months payment lag on Calabar.
Given AKs promise of clearly focussing on improving cash collections - Allegedly another $60m they want paid by Sept 14 (Monday) which would bring Calabar all up to date if in soon.

Given the Government has stopped diesel/petrol subsidies inline with the world bank as well as increased certain electricity tarriffs (both recently) while power output has been increasing - it might soon get to the stage where a more acceptable 2-3 month lag would be a big improvement as electricity output continues to grow and that payment lag would reduce in future to perhaps no more than 1- 2 months at most.

Frothing ? I think you need to engage your thinking on your long weekends before jumping to conclusions as you clearly fail to grasp the point or remotely understand given your response.

"We know there is no aporoval because the licence hasn't been renewed/awarded".

The award of the licence and the approval for the takeover of AAOG Congo are two different things - why do you think they have applied for it under a newly formed subsiduary.

I'm not disputing or querying your apetite for risk, but it is a discussion board and the comment was in dealing with Q1/A1 on the CC synopsis so i'm sorry if you don't find it to your liking. If the ministry doesnt approve the AAOG Congo SA takeover (not the Tilapia 2 licence) then ZEN cannot rely on that source of funds ie $12.5m back costs or $5.3m owed.

Consent.

27/12/19 AAOG - "The SPA is conditional, amongst other things, on the passing of an ordinary resolution of shareholders in the Company in a General Meeting approving the Disposal and certain regulatory requirements in the Republic of the Congo including consent of the Minister of Hydrocarbons. "
https://www.investegate.co.uk/anglo-african-o--38-g--aaog-/rns/disposal--capital-reorganisation-and-notice-of-gm/201912270700080322Y/

24th March 2020 AAOG - "Completion of the Disposal remains subject to Ministerial consent to change of control in the Republic of Congo."
https://www.investegate.co.uk/anglo-african-o--38-g--aaog-/rns/amendment-to-consideration-payment---notice-of-gm/202003240700032966H/

17/4/2020 AAOG - "The delay to completion has been the wait for the Minister of Hydrocarbons in the Republic of Congo to consent to the change of control of AAOGC which has so far not been forthcoming and which is a condition to completion of the Disposal. Neither AAOG nor Zenith can say with any certainty when such consent will be forthcoming,"
https://www.investegate.co.uk/anglo-african-o--38-g--aaog-/rns/proposed-amendment-to-consideration---notice-of-gm/202004170700059568J/

Also on the 17th April ZEN RNS where they instead bought the lot for a knock down £200k instead of the much higher previously agreed figure - "We are fully confident that the necessary regulatory approval process in the Republic of the Congo for the transfer of ownership, as well as negotiations for a 25-year renewal of the Tilapia licence, will conclude positively,"
https://www.investegate.co.uk/zenith-energy-ltd--zen-/rns/acquisition-of-tilapia-for--200-000/202004170730059593J/

5/5/20 Zen RNS Completed the Tilapia acquistion from AAOG but still no ministerial approval. - "Completion of Tilapia acquisition. Zenith is now working to conclude the necessary regulatory process in the Republic of the Congo to approve the transfer of ownership, as well as finalising negotiations for a new 25-year licence for Tilapia."
https://www.investegate.co.uk/zenith-energy-ltd--zen-/rns/completion-of-tilapia-acquisition/202005051120329742L/

One thing that needs cleared up is AAOG Congo.

How does Zen think AAOG Congo past costs of $12.5m on Tilapia will be paid to Zen ?

If the' new' licence is going to be issued to a new susbsiduary ie Zenith Energy Congo ZA then surely all past costs are dead with the old licence term. How could AAOG Congo draw against past costs on a new licence when it won't be issued to AAOG Congo - it doesn't make sense. Likewise how will they recover the $5.3m ?

Why was there a need when chasing the same licence that a new subsiduary of Zenith had to be set up - it doesn't make sense - what's wrong with Zeniths AAOG Congo that it acquired ?

Again the letter posted by Africa Intelligence -" In a letter dated 4 June, the oil minister, Jean-Marc Thystère Tchicaya rejected Zenith's acquisition of AAOG Congo," - The word is rejected and a copy of the letter was included in the AEI story!

If AAOG Congo was rejected as a takeover by Zen for the licence, then this must exlain why they had to start from scratch by setting up a new subsiduary to apply for the Tilapia 2 licence otherwise why set up a new subsiduary ?

If so where does that leave Zen on AAOG Congo in claiming for $12.5m past costs and also the $5.3m that was sold for a knockdown £200,000.
The starting cost for the new licence was reported at an estimated at $5m - if Zen are relying on this coming from, and being paid in kind from past costs, how could it, when AAOG Congo is not the applicant for the licence and as reported was rejected by the oil minister.

If you don't believe the 'letter' showing the ministry hasn't agreed to the takeover - then find an RNS from ZEN that says the ministry has approved the takeover of AAOG Congo !!! There hasn't been one - yet they've set up a new subsiduary to pursue the licence that way. Imo it was a big gamble for £200k and why it was so cheap at £200k ! Fact is there has been no announcement from Zen that the ministry has approved the takeover of AAOG Congo.

AI article today 3/9/20

Oranto boss Arthur Eze makes guest star entry on Tilapia oilfield bid

The Nigerian junior oil firm Oranto Petroleum pulled strings with Muhammadu Buhari to get hold of Denis Sassou Nguesso in search of support for its candidature.
A flock of Nigerian junior oil firms have joined the few companies - the likes of local company Africa Oil and Gas Corp (AOGC) run by President Denis Sassou Nguesso's advisor Denis Gokana, and Kontinent Congo, have bid for the Tilapia oilfield licence that expired on 18 July (Africa Intelligence, 29/07/20). They have now been joined by a small newcomer with an extensive address book.

As we understand, the Nigerian Igbo billionaire Arthur Eze's companies Oranto Petroleum/Atlas Petroleum have expressed interest in wanting to take on the role of operator of Tilapia. The field, which produces 30 bpd, was previously operated by AAOG Congo. Eze enjoys a considerable advantage over his competitors. When at a meeting between the Nigerian head of state Muhammadu Buhari and Igbo leaders in early August, Eze asked the president if he could put in a good word from him with President Nguesso. It is understood that Eze has since spoken with Nguesso and the two discussed the Tilapia oilfield.
To keep track of the bidding, Eze has called on his usual advisors, Kapo Simonian from Simco Petroleum Management and Oranto managing director, Philip Slater. Official the Congo's national oil company Société Nationale des Pétroles du Congo took over the field after the minister of hydrocarbons Jean-Marc Thystère Tchicaya refused to accept AAOC Congo's sale of the asset to Zenith Energy in a letter dated 4 June (Africa Intelligence, 17/08/20).

Re Dividends and possible dividend growth

From a post i made on 24/8/20 - "Compare that to Mirabauds October note forecasting revenue of $234m for 2020, $311m for 2021 and $389m for 2022 with EPS of 2.6c/2020, 9.24c/2021 and 15c/2022. At an ex/rate of £1/$1.30 that's 2p EPS for this year, 7p for next year and 11.5p for 2022."

Mirabaud showed a $12.5m dividend from next year. (Intention in the listing doc/deal announcement was $12.5m from the $120m FCF level).
$12.5m dividend (£1/$1.35) = £9.25m or just under a penny at .9296p.
At 35p deal price this would have been close to a 3% yield.
Referring back to my 24/8 post on possible revenue/gas sales growth to circa 400 mmcf/d relative to potential $600m rev/$350m FCF potential - if a $35m future dividend payout was maintained at around 10% of FCF, it could be worth 2.8p payout per share.

On the value of the assets - Uquo is unaffected by the oil price and any production depletion in the short-medium term can and should be replaced by the significant low risk gas prospects there.

From Mirabauds October coverage - the risked value for the Uqo reserves was 22p. Accugas 64p and as the debt reduces, the value gap should close - that's 86p for both assets.
Stubb Creek is valued at 4p risked for it's oil - the only producing asset subject to oil exposure. The S/Creek 2C gas is valued at 6p risked.
If you leave out the S/Creek oil then Accugas/Uquo = 86p and with the S/Creek 2C gas = 92p total of which 32p is attributed to debt.
Gas production up, New contracts signed and with more to follow should help reduce debt faster though he has reiterated in the interview with Malcy last week that in the next 12 months or so, the intention is to match debt to contracts/longer tenure and at an improved interest rate - so could see the savings from debt service being useful to further growth.

Capital growth and analyst valuation for Nigeria of around 92p/share price would still give a 3% div yield if they double the gas output in the next few years to circa 400 mmcf/d against this years end expected full utilisation of the 200 mmcf/d capacity. It would seem to me Niger upside running for free imo.

happy - it was a rhetorical question. I posted on here before about it. Been in contact with the company and IR and asked questions in the past to my satisfaction as i think some others have done about payments. If others don't want to accept that, there's no point in debating it to death when the answer is to talk to the company/IR.

You said last night "We know that the Gencos were only getting paid about 30%" - Well if that's the case and our Genco was only paying us 30% (ie $30m per $100m revenue) - how do you explain $168m cash reciepts for 2019 never mind whats come in so far for H1.

2 months on from the ad doc - They were asked at the agm about this and the answer was - "We've not done it yet and not anticipating ever having to do so" I don't see the company or any company tweeting the day to day financial intricacies on invoices or credit terms either and nor they would. If there's a 3-4-6 month time log in settling some bills is it the same $65m otherwise where's the $251m from and why hasn't the WB guarantee been called in ?

Instead they're supplying more gas and seeking to supply more power station customers who one would think would have the same issues and have perhaps less of a guarantee ?

Meanwhile record electricity generation/output to the grid. 6m meters free from import tax for installation. Tarriff rise for some customers guaranteed minimum 12 hour supply from Tuesday.
The CB of N this month is now ring fencing payments made to Discos for energy supply to guarantee that collections pay down loans and their obligations to stakeholders (TCN & Gencos). Moving in the right direction as expected and Siemens/Govt working towards 25 GW supply.

HS. Far from it, there's nothing personal in it other than being factual.