Electricity consumers nationwide may be in for a swell time, if the promise made by the new owners of the power firms is anything to go by.

The Vice Chairman, Integrated Energy Distribution and Marketing Company, Mr. Olatunde Ayeni, expressed the optimism that electricity consumers would witness a new dawn.

He said the commitment of President Goodluck Jonathan to the privatisation of the power sector convinced the company to submit a substantial bid for the Ibadan Electricity Distribution Company.

He spoke in Ibadan on Friday during the handover of the company, formerly owned by the Power Holding Company of Nigeria Plc to his firm.

The Ibadan distribution channel supplies electricity to Oyo, Osun, Ondo, Ogun, Ekiti and parts of Kwara, Kogi and Niger states.

Ayeni said, "Today's event culminates the personal commitment and political will of President Goodluck Jonathan to deliver on all aspects of the transformation agenda.

"It also marks the first time that a successful privatisation of the power sector has occurred in Nigeria.

"The history of our nation will remember this day and acknowledge with great conviction, the courage and determination of the present administration in ensuring that one of the most fundamental aspects of our socio-economic wellbeing is revamped, restructured and stabilised for the common good of all citizens."

Expressing optimism that the new arrangement in power generation and distribution would trigger a chain of economic activities, Ayeni said many companies had died because of the challenges of the power sector.

"The active participation of the private sector will ensure that manufacturing and economic activities are not hampered by perennial, epileptic and undeserving power supply problems which have frustrated out of existence, a great number of industries and plants in Nigeria," he said.

Ayeni said the new arrangement would encourage private sector participation in the upgrading of the nation's electricity and power supply system, and announced the partnership of his company with a firm from the Philippines.

"We have engaged the services of one of the world's most reputable electricity distribution companies, the Manila Electric Company from the Republic of the Philippines, to provide technical and management services to the IEDC," he said.

However, the IEDC management warned that power  consumers should not expect immediate change in generation and supply, saying that it was a big challenge that would take time to overcome.

Similarly, the Chairman, Transnational Corporation of Nigeria Plc, Mr. Tony Elumelu, said Transcorp and its partners, Tenoil, Symbion Power, Thomassen and Woodrock Energy, were well positioned and had the required expertise to operate a world-class power generation plant that would transform the power sector and change the lives of the citizens.