HOW COULD RENEWABLE ENERGY RESOURCES BRIDGE THE GAP IN NIGERIA’S ENERGY SECTOR?
Keywords:Levellised Cost of Electricity, Carbon Pricing, Renewable Energy, Private Sector Investment, Fiscal Incentives, Nigeria.
This paper presents renewable energy resources development as a means of abating the shortfall in electricity generation in Nigeria. Levellized Bus-bar Cost Estimation method is used to carry out cost analysis of various power generation technologies by comparing their levellized costs. Carbon Emissions Pricing theory is also utilized to show that the cost per mega watt of renewable energy resources power plants can be comparable to their fossils counterpart when price is assigned to the emissions that result from using fossil fuels. Finally, government’s participation in time bound renewable energy projects, as well as financial and fiscal incentives are identified as actions that will encourage private sector investments in renewable energy development, which has a stimulating effect on the larger economy.
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