The Electricity Market in the World

Nigeria as a case study

What is the electricity market?

The electricity market is the industry that deals with the generation, transmission, distribution, and sale of electricity.

Recently, the electricity market in the world has been a hot topic. Countries have been trying to keep up with the changing demands of the global market, as well as meet the needs of their citizens. In this blog post, we will take a look at some of the key players in the electricity market of Nigeria and compare the market prices, challenges and our solution.

The Future of the Electricity Market

The future of the electricity market is changing. The world is becoming increasingly aware of the need for sustainable energy sources and the need to reduce greenhouse gas emissions.

This section will explore how solar panels, and renewable energy are changing the way we produce and consume electricity.

Solar energy is one of the fastest growing industries in the world. It is also one of the most environmentally friendly sources of energy. Solar panels produce clean, renewable electricity and solar power plants have no emissions or waste products.

The cost of solar panels has decreased significantly over recent years, as has their efficiency. This means that a solar panel system will generate more electricity from the same amount of sunlight than it used to generate a few years ago.

Solar panels are not just for residential homes anymore, they are also for commercial buildings and utility-scale systems that provide power to whole communities or regions.

is Nigeria among the Countries with the Highest Electricity cost?

It is no secret that Nigerians pay some of the highest electricity prices in the world. In fact, a 2018 report by the World Bank found that Nigeria had the second highest electricity prices in the world, behind only South Africa.

The average price of electricity in Nigeria is $0.14 per kilowatt hour (kWh), which is more than double the global average of $0.06/kWh. In some Nigerian cities, such as Lagos, Abuja, and Kano, the prices can be as high as $0.30/kWh, prior to the current global energy issues. As these figures are likely in the doubles at the moment.

This high cost of electricity is a major problem for Nigerian consumers and businesses alike. It is one of the main reasons why Nigeria has such a high poverty rate, as it is simply too expensive for many people to keep the lights on.

In this blog post, we will take a close look at the cost of electricity in Nigeria and some of the reasons behind the high prices.

What are some of the biggest challenges in the Nigeria electricity sector today?

The electricity sector is one of the most important infrastructure sectors in any country. It is a driver of economic growth and plays a vital role in the day-to-day lives of citizens. The sector is also facing a number of challenges, which vary from country to country.

In developed countries, the challenges tend to be more technical in nature, such as integrating renewable energy sources into the grid. In developing countries, the challenges are more financial and regulatory. For example, many countries still subsidize electricity, which creates a fiscal burden and reduces incentives for efficiency.

The challenges in the electricity sector are significant, but they are not insurmountable. With the right investment, policies and regulations in place, the sector can continue to provide reliable, affordable energy to homes and businesses for Nigerians.

The Nigerian Electricity Regulatory Commission (NERC) is responsible for the regulation of the generation, transmission, distribution, and sale of electricity. The privatization of the sector in 2013 led to the unbundling of the national grid into six regional ones. The distribution companies (DisCos) are responsible for the last mile networks and customer service, while the transmission companies (TCOs) work on the grid.

The power sector in Nigeria is currently facing a number of challenges, which are hampering its development. These include a lack of adequate generation capacity, an inefficient transmission network, and a poorly functioning distribution system. The situation has led to a situation where power supply is unreliable, and the cost of electricity is high.

Conclusion- be part of the solution?

Peer2Panel, as a starts-up addresses the issues of generation and sales of electricity through our direct installation of the solar panel at the required sites, thus eliminating the challenges associated with transmission and distribution. We reach agreement with both private and public institute like schools, hospitals or banks. As solar installations are expensive, especially for developing countries (1 million USD for a 1000kWp solar farm), We help raise this capital for such installation through blockchain, allowing individuals from all part of the globe to participate and earn.

With Peer2Panel, we address these issues by tokenizing solar panels into unique NFTs on the Ethereum blockchain and redistributing the profits from the generated energy to the token holders. In other word, we act as an intermediary between a token-owning individual and a physical solar panel, with an APY (Annual Percentage Yield) of up to 15%. We certified the existence and quality of your panel listed by our partners and utility companies, easy liquidation (exit) of your position and store of value.

Our objective is to guarantee that owners of the tokenized panels benefit at least from the same return on investment as in the traditional market, while at the same time enjoying the high liquidity and transparency of the Defi applications of the Ethereum blockchain. In fact, it is our responsibility to

1. Ensure the quality and authenticity of the solar panels we tokenize (SolarT tokens).

2. Redistribute the energy revenue fairly and consistently to the solar panel holders (paid daily in USDC).

3. Offer solar token owners the existing Defi possibilities of the Ethereum blockchain.

Peer2Panel

If you would like to learn more about our Defi applications, the buisness model, and the tokenomics of Peer2Panel, feel free to check out our website and whitepaper.

Join us on Discord to get our latest news, ask questions and help us grow our community!