Gencos say they haven’t been paid since June

Electricity generation companies under the aegis of the Association of Power Generation Companies have said they have not been paid since June for power produced, sold and put on the national grid.

The government-owned Nigerian Bulk Electricity Trading Plc buys electricity in bulk from the Gencos through the Power Purchase Agreement and sells to the distribution companies, which then supply it to the consumers. The Executive Secretary, APGC, the umbrella body for the Gencos, Dr Joy Ogaji, said on Wednesday that the Discos had continuously defaulted in their monthly remittances to the NBET.

Citing reports from the NBET, she stated that out of the N44.85bn invoice sent to the Discos in January, only N6.08bn was received from four of the firms, while seven others paid nothing. According to her, the Discos’ monthly revenue remittance as of Thursday was below 30 per cent. She noted that poor gas supply as a result of the non-payment of invoices would drastically affect power supply in the country.

According to Ogaji, the outstanding payments include the balance due to the Gencos under the Central Bank of Nigeria’s N213bn Electricity Market Stabilisation Facility; unpaid invoices from January 2015 to December 2016, with accrued interests; and interest payments due on the outstanding invoiced amounts.

Source: The Punch

 

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