Lagos — Nigerian Bulk Electricity Trading Plc, NBET remittance to Electricity Generation Companies or GenCos for last year fell short by N518 billion, according to payment documents seen by SweetcrudeReports.
Data from the electricity market regulator, Nigerian Electricity Regulatory Commission, NERC, said from an invoice of N 739,679,598,655 served to NBET in 2020, just a meager N 220,876,105,419 was paid to the GencCos, leaving a deficit of approximately N518billion unremitted fund.
According to the data, 25 GenCos- Afam, Afam VI (Shell), Alaoiji NIPP, Azura Edo Power, Calabar (Odukpani), Delta, Egbin, Gbarain NIPP, Geregu, Geregu NIPP, Ibom Power, Ihovbor NIPP, Jebba, Kainji, Okpai, Olorunsogo 1, Olorunsogo 2, Omoku, Omotosho 1, Omotosho 2, Rivers IPP, Sapele, Sapele 2 (NIPP), Shiroro and Trans Amadi, all gave a total invoice of N739,679,598,655.
A breakdown showed that Afam’s invoice totaled N11,512,288,849, Afam VI (Shell) N29,907,684,425, Alaoiji NIPP N10,199,835,662, Azura Edo Power N133,856,384,891, Calabar (Odukpani) N40,909,865,525, Delta N62,366,563,152, Egbin NIPP N110,239,113,873, Gbarain N1,224,535,093, Geregu N53,676,665,855, Geregu NIPP N15,573,550,814, Ibom Power N4,880,579,249, Ihovbor NIPP N3,489,963,138, Jebba N34,875,571,870, Kainji N19,967,227,106, Okpai N32,285,052,335, Olorunsogo 1 N35,576,941,376, Olorunsogo 2 N2,302,726,946, Omoku N10,625,419,058, Omotosho 1 N34,949,087,239, Omotosho 2 N12,140,268,409, Rivers IPP N20,155,784,380, Sapele N7,807,621,321, Sapele 2 (NIPP) N5,084,828,905, Shiroro N35,284,174,258, and Trans Amadi N10,787,864,912.74.
However, NBET failed to meet up with full payment, as Afam got a payment of N3,331,270,960, Afam VI (Shell) N8,469,758,590, Alaoiji NIPP N2,349,778,119, Azura Edo Power N40,358,987,643, Calabar (Odukpani) N11,595,439,056, Delta N32,052,111,764, Egbin N323,898,069, Gbarain NIPP N16,841,253,611, Geregu N4,732,207,290, Geregu NIPP N1,491,201,586, Ibom Power N1,121,304,900, Ihovbor NIPP N10,721,556,594, Jebba N5,925,992,738, Kainji N9,325,378,299, Okpai N10,946,126,843, Olorunsogo 1 N522,229,939, Olorunsogo 2 N2,891,680,539, Omoku N10,658,404,242, Omotosho 1N3,795,973,317, Omotosho 2 N5,955,863,528, Rivers IPP N2,372,178,669, Sapele N2,127,685,005, Sapele 2 (NIPP) N11,428,753,024, Shiroro N3,216,894,506 and Trans Amadi N220,876,105,419.
From an outstanding payment of N518 billion yet to be paid by NBET for energy received in 2020, the NERC document showed that the company has issued a payment assurance of N 81 billion to GenCos, leaving yet a shortfall of N437 billion of unremitted bill.