Tags : NBET

In Nine Months, Gencos Record N304bn Payment Shortfall

Between January and September 2021, the Federal Government has said that power generation companies were paid a total of N311.1bn after providing an invoice of N614.6bn for electricity supplied. However, the government had to augment the payment to the Gencos with a total of N129.83bn Payment Assurance.  This was between January and June last year. […]Read More

NERC: Gencos Recieved N81.14bn Payment Assurance In 2020

The Nigerian Electricity Regulatory Commission has said power generation companies received N81.14bn as payment assurance from the Nigeria Electricity Bulk Trading Plc in 2020. NERC disclosed this in its latest Key Operational and Financial Data of the Nigerian Electricity Supply Industry: 2019-2020. NBET disburses payment assurance to power generators to enable the Gencos to meet […]Read More

Nigeria Spends N568.5bn Annually On Electricity Shortfalls

The World Bank has  said the Federal Government of Nigeria is spending $1.5bn (N568.5bn at N379/$ exchange rate) annually to fund electricity tariff shortfalls, the World Bank has said. According to the global financial institution, this amount is speculated to increase if the country fails to take the right action. The bank also disclosed that […]Read More

NBET Owes Power Producers N437.67bn For 2020’s Generation

With a total invoice of N739.68bn, power generation companies were not paid 59.17 percent of the invoice issued in 2020 for the electricity produced and fed into the national grid. The government-owned Nigerian Bulk Electricity Trading Plc buys electricity in bulk from generation companies through Power Purchase Agreements and sells through vesting contracts to the […]Read More