Audited financial reports of power firms ready by February

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A communique on the outcome of the recent power sector operators’ meeting has disclosed that the audited financial books of the electricity generation, transmission and distribution companies in Nigeria’s electricity supply industry are to be ready next month as statutorily demanded by the Nigerian Electricity Regulatory Commission (NERC), ThisDay reports.

According to the communique, operators at the meeting in Lagos agreed to conclude with NERC all outstanding issues in the compilation of their annual financial reports and submit them before the next meeting in a month’s time. NERC had before now, continuously slammed regulatory fines running into millions of naira on some of the operators who failed to comply with its requests for their audited books.

The communique however noted that at the next meeting, all the operators that are yet to submit their reports would work with NERC to have them in place. On market revenue remittances, the communique said: “The Nigerian Bulk Electricity Trading Plc (NBET) reminded the meeting that all operators must pay their bills to NBET as well as their suppliers and service providers promptly, to ensure that the sector remains functional and friendly to investors.”