The Gencos put the amount owed them for electricity generated and supplied by them is approximately N800 billion, adding that together with capacity and interest payments due to them, they are owed in excess of N1 trillion.
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“This strategic gesture is in line with Mainstream’s capacity recovery obligations under the concession agreement with the federal government of Nigeria. And it is also our contribution towards the incremental power supply programme of the government. The rehabilitation work is expected to commence immediately and will be carried out by GE/Austrong of France.”
He noted that foreign exchange (forex) challenge also remains a major bottleneck for power investors as a result fluctuating exchange rates, which was less than N200 to a dollar when the power assets were bought, and currently above N350.