The Managing Director/Chief Executive Officer  of the Transmission Company of Nigeria (TCN), Mr. Mark Karst, has said the company is targeting 20,000 megawatts of electricity by the year 2020 and would need $1 billion annually to achieve the target.

Speaking on Wednesday at the public hearing into the activities of the Nigerian Electricity Regulatory Commission (NERC) and Distribution Companies  (DISCOS) as relates to infrastructure and billing by the House of Representatives Committee on Power, Karst noted that the money required is a huge sum.

“We have a long term expansion plan that is detailed to build 20,000mw evacuation capacity by 2020, and the funding would be by external institutions,” he said.

The TCN is however having difficulty is attracting funding, and is considering Public Private Partnership (PPP) alternatives.

“It will need $1billion annually over that period of time. It is a substantial amount of money. But this is a generation on the move, so the only choice we have would be to see how we raise the money,” he added.

Credit; ThisDay