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Nigeria may experience widespread blackout soon as power\ngeneration companies have unanimously agreed to call the bluff of the Nigerian\nBulk Electricity Trading Company by shutting down power production and supply.
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\nAt a briefing in Abuja on Sunday, the Executive Secretary, Association\nof Power Generation Companies, an umbrella body for the power firms, Joy Ogaji,\nsaid NBET\u2019s insistence to impose a 0.75 per cent administrative charge on\nGencos for payment of gas invoices was the reason for the imminent power\nshutdown by Gencos.
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\nIt was also gathered that the indebtedness of NBET to power generation\ncompanies had risen above N1tn.
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\nNBET is licensed and regulated by the Nigerian Electricity Regulatory\nCommission to undertake bulk purchase and resale of electricity in the\nTransitional Electricity Market.
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\nIn September, The PUNCH reported that NBET demanded an administrative\ncharge of 0.75 per cent from the Gencos for the payment of gas invoices on their\n(Gencos) behalf.
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\nAlthough this was rebuffed by the Gencos, as well as the Bureau of\nPublic Enterprises and was not approved by NERC, NBET insisted on implementing\nit.
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\nSpeaking to journalists on Sunday, Ogaji said, \u201cThis singular action\nby NBET may lead to the shutdown of power supply by Gencos, who have\nunanimously agreed to call the bluff of NBET.\u201d
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\nShe said the Gencos thought that the issue had been nipped in the bud,\nhaving written to all relevant stakeholders including NERC.
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\nOgaji said, \u201cIt is clear from recent occurrences that NBET is not\ndeterred. NBET has now reduced its role to blackmailing\/threatening Genco\ninvestors\/chairmen who have refused to concede to its illegal demand of a 0.75\nper cent charge on invoices paid to gas suppliers.
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\n\u201cNBET has clearly threatened not to release payments due to Gencos\nuntil they accede to its request, urging them to agree for a quid pro quo with\nthe 0.75 per cent administrative charge.\u201d
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\nOgaji also stated that Gencos\u2019 indebtedness to their gas suppliers was\ndue to NBET\u2019s indebtedness to power generators.
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\n\u201cNo Genco has any outstanding gas payment that is more than what NBET\nowes the Genco. Put differently, NBET is indirectly charging 0.75 per cent for\npaying its debt to Gencos.\u201d
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\nAccording to her, NBET should take it as an assurance that the Gencos\nhad been still for too long and were now ready, able and willing to utilize\neven higher and stronger contacts in the government to see this issue to\nfruition.
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\nShe said, \u201cWe hereby reiterate our position strongly recommending to\nthe government and other key stakeholders that the administration of the Gencos\nfinances reverts to the Market Operator, while NBET focuses on engagements with\nnew entrants or intending power project developers.\u201d
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\nEfforts to get NBET\u2019s reaction were unsuccessful, as calls to the\nfirm\u2019s Managing Director, Marilyn Amobi, rang out. A text message to her mobile\nline was also yet to be responded to as of press time.<\/p>\n","protected":false},"excerpt":{"rendered":"
Nigeria may experience widespread blackout soon as power generation companies have unanimously agreed to call the bluff of the Nigerian Bulk Electricity Trading Company by shutting down power production and supply. At a briefing in Abuja on Sunday, the Executive Secretary, Association of Power Generation Companies, an umbrella body for the power firms, Joy Ogaji, […]<\/p>\n","protected":false},"author":1,"featured_media":509,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_mi_skip_tracking":false},"categories":[14],"tags":[],"yoast_head":"\n