The Lagos State Government's efforts to improve electricity supply to commercial districts have received a boost following a visit by the Lagos State Electricity Regulatory Commission (LASERC) to Elektron Energy's 40-megawatt Victoria Island Power Plant. The visit followed the recent issuance of an electricity generation licence to Elektron Energy as the company works towards commencing commercial operations at the facility in December 2026. Developed in partnership with Eko Power, the Victoria Island Power (VIPL) project is designed to provide dedicated electricity to businesses in one of Lagos' major commercial centres.
The facility is expected to provide an alternative source of power for banks, hotels, corporate headquarters and other businesses in Victoria Island that have traditionally relied heavily on diesel-powered generators to supplement inconsistent electricity supply. The 40MW plant is expected to provide businesses with more reliable electricity, improve operational certainty and reduce dependence on backup generators when it becomes operational. This is expected to address the electricity needs of businesses operating in Victoria Island.
During the visit, LASERC officials inspected the project site, reviewed construction progress and engaged with Elektron Energy's engineering and operations teams on preparations for commercial operations. The delegation was led by LASERC Chief Executive Officer, Temitope George, alongside other officials, including Adekunle Olopade and Adetunji Adesanya. They were received by Elektron Energy's General Manager, Operations, Nicholas Abolo-Tedi, and Director of Engineering, Oladipo Ogunniyi.
Abolo-Tedi said the project was aimed at addressing the electricity needs of businesses operating in Victoria Island. "We are not just building a power plant — we are building trust with the regulator and the community we intend to serve," he said. "Every milestone we hit here is a milestone toward putting an end to the power gaps that have held back businesses on Victoria Island for years." This statement highlights the company's commitment to delivering a reliable power supply.
George said LASERC's role was to ensure that private investment in Lagos' electricity market translated into tangible improvements for consumers. "LASERC's role is to ensure that as Lagos opens its power sector to private investment, that investment translates into real, measurable improvements for residents and businesses," he said. This emphasizes LASERC's role in regulating the power sector.
The project, handled by Finnish engineering group Wärtsilä, remains on course for completion and commissioning, with further engagement with regulators expected ahead of commercial operations. Elektron Energy said the project had reached significant milestones, with the company working towards commencing commercial operations at the facility in December 2026.
The Victoria Island Power Plant project is a significant development in Lagos' power sector, with the facility expected to provide reliable electricity to businesses in Victoria Island. The project is a partnership between Elektron Energy and Eko Power, with Wärtsilä handling the engineering, procurement and construction. Key stakeholders are optimistic about the project's potential to improve the power supply in the area.
Key points
- The Lagos State Electricity Regulatory Commission (LASERC) visited Elektron Energy's 40-megawatt Victoria Island Power Plant to inspect the project site and review construction progress.
- The 40MW Victoria Island Power Plant is expected to provide businesses with more reliable electricity, improve operational certainty and reduce dependence on backup generators.
- The project is on course for completion and commissioning, with commercial operations expected to commence in December 2026.
