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Power Producers Sell ₦294.16 Billion Electricity In Five Months - Politics - Nairaland

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Power Producers Sell ₦294.16 Billion Electricity In Five Months by viviangist: 6:40am On Sep 17
Electricity generation companies in the country sold electricity worth N294.16bn in the first five months of this year to the Nigeria Bulk Electricity Trading Plc.

The government-owned NBET buys electricity in bulk from Gencos through Power Purchase Agreements and sells through vesting contracts to the distribution companies, which then supply it to the consumers.

NBET received a total invoice of N294.16bn from the Gencos in the five-month period but paid only N57.98bn, representing 19.71 per cent of the invoice, according to data obtained from the bulk trader.

The Gencos gave NBET an invoice of N51.85bn in January; N51.42bn in February; N52.82bn in March; N70.03bn in April, and N68.04bn in May.

But the bulk trader only paid N15.61bn (30.11 per cent) in January; N13.09bn (25.46 per cent) in February; N5.84bn (11.05 per cent) in March; N10.19bn in April, and N13.25bn in May.

The total power generation in the country stood at 3,105.7 megawatts as of 6am on Tuesday, with 12 of the 27 power plants on the national grid being idle, according to the Nigerian Electricity System Operator.

According to NBET, the payment to the Gencos are based on receipts from the Discos.

“All the Discos are obligated to settle their market invoices in full as adjusted and netted off by applicable tariff shortfall approved by the commission,” the Nigerian Electricity Regulatory Commission said in its recent tariff order.

NERC said the Discos would be liable to relevant penalties/sanctions for failure to meet the minimum remittance requirement in any payment cycle in accordance with the terms of its respective contracts with the NBET and the Market Operator, an arm of the Transmission Company of Nigeria.

“Where it is established that the TCN is unable to deliver load allocation, the TCN shall be liable to pay for the associated capacity charge,” NERC said in the document.

According to the regulator, where a Disco fails to take its entire load allocation due to constraints in its own network, it shall be liable to pay the capacity charge as allocated in its vesting contract.

It said, “The average tariff for each Disco was determined considering the projected energy offtake of the company based on its percentage load allocation in the vesting contract.”

It added that NBET would continue to invoice the Disco for capacity charge and energy based on its load allocation and metered energy respectively in accordance with the December 2019 Minor Review of MYTO 2015 and Minimum Remittance Order for Year 2020.

Source: https://punchng.com/power-producers-sell-n294-16bn-electricity-in-five-months/

1 Like 1 Share

Re: Power Producers Sell ₦294.16 Billion Electricity In Five Months by lifezone247(m): 6:42am On Sep 17
And yet we go borrow money for China

10 Likes 1 Share

Re: Power Producers Sell ₦294.16 Billion Electricity In Five Months by Samsimple(m): 6:44am On Sep 17
Other countries dey progress we dey here dey retrogress. Wetin we expect, you wan cross road you carry blind man as guide. Na our current situation b that

18 Likes 1 Share

Re: Power Producers Sell ₦294.16 Billion Electricity In Five Months by Slawormir: 6:44am On Sep 17
Damnnnnn niggarrr
ISORIGHT

Who we go blame now....
Na nbet or discos

We consumers dey pay complete....where the money come dey enter....

To be sincere.....power increase small for Benin city this period....abi na because of rainy season

4 Likes 2 Shares

Re: Power Producers Sell ₦294.16 Billion Electricity In Five Months by MANNABBQGRILLS: 6:44am On Sep 17
Awol1:


Make I talk true, here in Enugu,
I have about 20-22 hours of light these days.
And e dey make my small light quick finish as I dey use prepaid.

But the credit shouldn't go completely to Buhari as I feel it is the effect of privatization manifasting.
But then again I have to extol Buhari for the Siamese contract.
I think those guys are gonna do wonders to our light issues.

Buhari is not completely useless!

Even the youngest of the wailers confesses at last!


Awol1:

But the credit shouldn't go completely to Buhari as I feel it is the effect of privatization manifasting.
But then again I have to extol Buhari for the Siamese contract.
I think those guys are gonna do wonders to our light issues.
But dis ur off and on praise and otherwise dey look like when Nepa dey take light play off and on.
Don't be a confused admirer/fan o!
Siddon for one corner! wink

In other news.........

2 Likes 2 Shares

Re: Power Producers Sell ₦294.16 Billion Electricity In Five Months by heykims(m): 6:45am On Sep 17
These people just dey abuse naira with all these billions they call, yet common man is on the street hustling for hundreds of naira to feed.

13 Likes

Re: Power Producers Sell ₦294.16 Billion Electricity In Five Months by Adedotguy: 6:45am On Sep 17
cool
Re: Power Producers Sell ₦294.16 Billion Electricity In Five Months by TooNoisy(f): 6:45am On Sep 17
This Government is extremely unserious. You were able to pay only 20% of the total amount Generated by Gencos and you are proud to say it. How do you want the generating companies to survive if they get only 20% of their revenues? How do you expect investors to come invest in the Power sector when they get paid only 20% of their forecasted revenue.

This government is shameless. They have no idea how to fix the power sector and they are not even pretending they do.

12 Likes 1 Share

Re: Power Producers Sell ₦294.16 Billion Electricity In Five Months by LawLab247: 6:46am On Sep 17
Haaa
Re: Power Producers Sell ₦294.16 Billion Electricity In Five Months by CHIMaaaah(m): 6:47am On Sep 17
Slawormir:
Damnnnnn niggarrr
ISORIGHT

weed man, can you take a break off this forum, your comments are beginning to sound annoying

6 Likes

Re: Power Producers Sell ₦294.16 Billion Electricity In Five Months by Clothingonline9(m): 6:48am On Sep 17
Affordable men clothing Lagos and Nationwide dispatch jeans chinos Turkey shirts etc half price payment on delivery
Re: Power Producers Sell ₦294.16 Billion Electricity In Five Months by omoadeleye(m): 6:48am On Sep 17
oh, i thought the producer of the POWER series.

1 Like

Re: Power Producers Sell ₦294.16 Billion Electricity In Five Months by bayelsaowei: 6:49am On Sep 17
Otedola

1 Like

Re: Power Producers Sell ₦294.16 Billion Electricity In Five Months by EMXTAN1(m): 6:49am On Sep 17
Okay
Re: Power Producers Sell ₦294.16 Billion Electricity In Five Months by Elvictor: 6:49am On Sep 17
the way billions are mentioned in this kwantry, it now sound like music to my ears.

1 Like

Re: Power Producers Sell ₦294.16 Billion Electricity In Five Months by nairaman66(m): 6:50am On Sep 17
The Nigerian naira has suffered!
Re: Power Producers Sell ₦294.16 Billion Electricity In Five Months by Lakeshizu(m): 6:50am On Sep 17
I think one of the major problems of Nigeria now is DISCO!!!

4 Likes

Re: Power Producers Sell ₦294.16 Billion Electricity In Five Months by illicit(m): 6:52am On Sep 17
Up NEPA
Re: Power Producers Sell ₦294.16 Billion Electricity In Five Months by Olarewaju89: 6:56am On Sep 17
Nigeria self undecided

The truth is that I'm not proud to be nigerian.

I can say it anywhere anytime.

3 Likes

Re: Power Producers Sell ₦294.16 Billion Electricity In Five Months by BruncleZuma: 6:57am On Sep 17
To who?
Re: Power Producers Sell ₦294.16 Billion Electricity In Five Months by maasoap(m): 7:01am On Sep 17
TooNoisy:
This Government is extremely unserious. You were able to pay only 20% of the total amount Generated by Gencos and you are proud to say it. How do you want the generating companies to survive if they get only 20% of their revenues? How do you expect investors to come invest in the Power sector when they get paid only 20% of their forecasted revenue.

This government is shameless. They have no idea how to fix the power sector and they are not even pretending they do.

Distribution was privatised alongside generation because Jonathan and his PDP believed that government didn't have business being business. My question is: why should government still be paying generation companies apart from what it consumes?

4 Likes

Re: Power Producers Sell ₦294.16 Billion Electricity In Five Months by fitzmayowa: 7:02am On Sep 17
The power no still stable....
Re: Power Producers Sell ₦294.16 Billion Electricity In Five Months by fitzmayowa: 7:03am On Sep 17
maasoap:


Distribution was privatised alongside generation because Jonathan and his PDP believed that government didn't have business being business. My question is: why should government still be paying generation companies apart from what it consumes?


I don't understand the kind of privatisation we do in this country, it just does not make sense....

4 Likes

Re: Power Producers Sell ₦294.16 Billion Electricity In Five Months by Kelvinbako: 7:05am On Sep 17
Still they will be holding their workers salary...what a country!!!
Re: Power Producers Sell ₦294.16 Billion Electricity In Five Months by KayCee92(m): 7:14am On Sep 17
You now see why Uncle Otedola divested from Oil (Forte Oil) to power generation. These men have the Ability to see where the next big things are headed...

7 Likes

Re: Power Producers Sell ₦294.16 Billion Electricity In Five Months by murtala7435: 7:15am On Sep 17
Wow

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