The signings, coordinated by the Nigerian Bulk Electricity Trading Plc (NBET), are expected to help finalise a power-purchase agreement that the federal government signed with 14 PV developers during the summer of 2016.
Browsing: Nigerian Bulk Electricity Trading Plc
“The N701 billion fund approved by the Federal Executive Council (FEC) is necessary but not sufficient intervention for resolving the liquidity challenge in the power sector. Other regulatory interventions would be enforced by the regulatory commission,” he said.
It added that, employing efficient power generation technologies, swifter execution of power projects with maintenance and replacement of failing infrastructure were other recommendations that could help to achieve effective growth of the sector.
The minister stated: “So, going forward, in order to strengthen NBET, CBN is proving a payment assurance guarantee for any energy produced by any Genco so that they can pay their gas suppliers when they get paid so that the hydros can continue to operate.
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.
He said, “The NERC has never stated that only an increase in electricity tariff would guarantee a steady power supply in the country. The commission’s position had been that a review was necessary due to the economic recession in the country.”
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