Evaluation of Operational Performance and Economic Analysis of a Gas Turbine Power Plant: A Case Study of Ibom Power Station

This work evaluates the performance indicator of Ibom Power Plant as one of the Independent Power Producers (IPPs) in Nigeria. The operational performance and the economic analysis of the three gas turbines present there-GTG 1 (Model PG 6551B), GTG 2 (Model PG 6561B), and GTG3 (Model PG 9171E) with combined installed capacity of 190MW were investigated. The study showed that the average station load factor, average capacity utilization index and the average generation utilization index were about 42%, 51% and 46% respectively, which were low when compared with 70% as recommended by the Nigerian Electricity Regulatory Commission (NERC); while the average plant heat rate was found to be 12,659.60MJ/MWh which also tends to be higher than the 10,000MJ/MWh allowed by NERC. The average thermal efficiency and the average capacity factor gave a result of 28.44% and 19% respectively. The NERC’s Multi Year Tariff Order (MYTO) of N10.70 per KWh for generation companies’ was used in evaluating the company’s revenue with reference to the application of Net present value (NPV) and internal rate of return (IRR). Obviously, the cost of power generation can be reduced by improving capacity factor; running the power station at high load factor; increasing the efficiency of the power plant and proper maintenance plan to avoid breakdowns. An upward review of MYTO tariff to ensure economic viability of Nigerian Electricity Supply Industry was recommended.