Business
AEDC Signs Landmark Deal to Deliver Uninterrupted Power Solution in Abuja
Abuja Electricity Distribution Plc (AEDC), on Thursday, 18th January, 2023, consolidated its lead in the provision of integrated power solutions with the signing of a tripartite agreement with DAYSTAR Power Solutions Limited (DAYSTAR Power) and The Wood Factory Limited (Wood Factory), to pioneer the delivery of its first grid-connected and solar hybrid power solution for commercial and industrial customers in Nigeria.

This comes on the heels of the first interconnected mini-grid power solution for communities in Nigeria launched by AEDC and its strategic partners in Toto, Nasarawa State, in November 2023.
Under this historic agreement, AEDC will provide 18 hours of reliable electricity supply to Wood Factory (a top furniture manufacturer) while Daybreak Power will provide 6 hours of solar powered electricity to Wood Factory, both leveraging interconnected power facilities to deliver seamless electricity supply and great value to the customer.
This integrated power solution is expected to yield an estimated 44% reduction in energy costs and an impressive 76% annual decrease in carbon emissions for Wood Factory.
The unique value offering is in furtherance of AEDC’s transformational strategic objective of redefining customers’ experience by providing reliable electricity supply to both existing and new customers, including the unserved and underserved customers. Under the ongoing transformation of AEDC, the Management of the company is driving its repositioning as a clear leader amongst the power distribution companies (DisCos) in Nigeria.

The Managing Director and Chief Executive Officer of AEDC, Christopher Ezeafulukwe, stated that “We are excited about the great opportunities that the transformation and turnaround of AEDC is giving us to serve our customers, both new and existing, in more delightful ways. This project is a product of our consistent questioning of the status quo in the resilient push of our conviction and belief in using diversified energy sources to serve our customers better, while closing the supply gap in our market.”
He further stated that having previously commissioned an integrated power solution to serve some unserved communities in our network, the current solution for which we signed the agreement today, is focused on serving industrials and commercials, thus repositioning AEDC to serve all bands of customers within its network better.
The two projects also confirm to the world, the readiness of AEDC to enter into complementary partnerships that will add great value to the Nigerian electricity market.
AEDC has been in partnership with the Rocky Mountain Institute (RMI) through which the United States Trade and Development Agency (USTDA) provides funding for feasibility study grant and facilitating the optimization of energy supply through distributed solar energy and grid power.
Jasper Graf von Hardenberg, CEO of Daystar Power, expressed his excitement about the innovative interconnected solar installation, stating, “Working together with DisCos, we can provide reliable and affordable power to Nigerian businesses which will save on energy costs to reinvest in their operations. Our partnership with AEDC supports this position. It is just the beginning; we are looking forward to developing more hybrid solar projects for C&I customers in partnership with the likes of AEDC.”
Mohamed Akar, Director and General Manager of The Wood Factory, expressed his excitement about the transition from self-generated supply to the integrated power supply which AEDC and Daybreak offers, “We’re thrilled that we’ll soon be switching to a reliable integrated power solution to power our factory.
For many years, we’ve operated on diesel generators, which is hardly sustainable or affordable. We believe that the future of our business has become brighter with this new partnership with AEDC and Daybreak.”
Abuja Electricity Distribution Plc (AEDC) is a leading electricity distribution company in Nigeria serving the FCT, Niger State, Nasarawa State and Kogi State. As a trusted service provider, AEDC is dedicated to ensuring reliable, safe, and sustainable electricity delivery to its diverse customers. With a strong commitment to delighting its customers, AEDC continues to contribute to the growth and development of Nigeria’s energy sector through investments in infrastructure, innovative technologies, and sustainable practices, AEDC consistently seeks to improve the quality of life for its customers, promote efficient energy usage, and actively engage with its communities.
Business
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Business
WEF could appoint Lagarde as its next chair, sources say
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
•European Central Bank President Christine Lagarde
The World Economic Forum could appoint Christine Lagarde as its next chair as soon as next month, four people close to the organisation told Reuters, meaning she would step down early as European Central Bank chief and trigger a wider reshuffle at the top of the ECB.Lagarde’s ECB term is scheduled to end in October 2027.
Leaving early would give European Union leaders a chance to pick a new ECB President before France’s spring presidential election, which opinion polls suggest the far-right could win, and could pave the way for a deal involving two other senior ECB roles.
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
No final decision has been taken yet, they said.
A spokesperson for the WEF said the forum could not confirm when the next full Board of Trustees meeting would take place, but that the aim was to hold one before the end of the year.
Business
Germany plans tax on sugary drinks
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
The German cabinet has approved draft legislation to tax sugary drinks in Europe’s biggest economy.
If passed by the German Bundestag, the tax will take effect on 1 July 2027.
The coalition aims to raise revenue for the federal budget while encouraging manufacturers to reduce sugar content and offer healthier products.
The levy is intended to ease pressure on the healthcare system, which faces costs of more than €2 billion every year linked to the high consumption of sugary drinks, which contributes to obesity, diabetes and tooth decay.
According to the federal government, Berlin is using the tax to implement “what associations from the fields of health, science, child protection, and consumer protection have long been demanding.”
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
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