Government owes generation companies N701b in two years
About N701 billion invoices submitted by the electricity generation companies (GenCos) between the last quarter of 2016 and third quarter of 2018 is yet to be settled by the Nigerian Bulk Electricity Trading (NBET). NBET, managed by Dr. Marilyn Amobi, was set up in 2010 as the administrator of the country’s electricity pool. It buys…
Power sector risks bankruptcy as financial crisis hits N4 trillion
Barring swift intervention from government, the country’s power sector, which was privatised five years ago may soon collapse. No thanks to the N4t financial crisis that has pushed it to the brink of bankruptcy.
GenCos plan shutdown over N701 billion intervention fund
Nigeria's power generation companies are at the verge of shutting down as government fails to provide a N701 billion intervention fund earlier approved by the Federal Executive Council (FEC) to ease liquidity crisis in the sector. Indeed, while some gas companies, including Total, already denied operators gas over inability to pay, Executive Secretary, Association of…
‘Nigeria’s power sector still has many obstacles to overcome’
Ade Yesufu is the Commercial Director, Future Energy Nigeria. In this interview, he speaks on Nigeria’s power sector, the challenges bedeviling it and its attractiveness to investors.
DisCos’ debts to NBET, market operator hit N103 billion
The Electricity Distribution Companies (Discos) in Nigeria are indebted to the Nigerian Bulk Electricity Trader (NBET), and Market Operator (MO) to the tune of N103billion, according to the Nigerian Electricity Regulatory Commission recent (NERC) report released this week. DisCos were issued an invoice totalling N147billion for energy received from NBET and for the service charge…
NBET’s $350m investment in NSIA yields $67m profit
Power generating firms may soon heave a sigh of relief as the Nigeria Bulk Energy Trading Company Plc (NBET) has received $417.46 million from the Nigerian Sovereign Investment Authority (NSIA).
Liquidity crisis persists despite N701bn power sector intervention fund
Despite approval by the Federal Executive Council (FEC), for a N701-billion Central Bank of Nigeria (CBN) facility to ameliorate liquidity crisis in the power sector, funding challenges remain a big issue.
Tougher times await DISCOs, experts predict
Industry experts have predicted tougher times for the nation’s electricity distribution companies (Discos), contending that the problem was not just about huge financial shortfall...