Energy economics
All-in delivered power cost.
The only number that matters in this category. Everything else, valuation included, is downstream of it.
Evidence tier: Modelled
$0.042/kWh
Exusia Digital at Ughelli, on associated gas: fuel, O&M and generation capex recovery included.
As at August 2026. Financial model v3| Source | Range | US$ per kWh | Evidence tier |
|---|---|---|---|
| Exusia Digital, Ughelli | 0.042 | Evidence tier: Modelled | |
| Nigerian grid, industrial | 0.09 to 0.13 | Evidence tier: Illustrative | |
| Diesel generation, Lagos | 0.28 to 0.35 | Evidence tier: Illustrative | |
| US merchant power, ERCOT | 0.03 to 0.05 | Evidence tier: Illustrative |
US dollars per kWh. Comparators are illustrative ranges. We publish the comparison least flattering to us (ERCOT) because an investor will find it anyway.
What goes into it
| Component | Treatment | Evidence |
|---|---|---|
| Fuel cost at wellhead | Contracted gas price. | |
| Generation capex recovery | Amortised over 10 years | |
| Operations and maintenance | Engine servicing, staffing, spares | |
| Parasitic load | Cooling and auxiliaries, deducted from gross | |
| Availability | Modelled at 92%. | Evidence tier: ModelledAs at August 2026 |
Why we publish the ERCOT comparison
It is the least flattering number available to us.
US merchant power in a good year is genuinely cheap. An investor will find it regardless. Publishing it ourselves says we know the global benchmark and are competing on delivery certainty and location, not pretending to be the cheapest power on earth.