28 July 2017, Sweetcrude, Lagos — The Nigerian Senate is currently working on amending three power-related bills, Sweetcrude Reports has gathered.
We gathered that the Senate has been meeting with the Nigerian Electricity Regulatory Board, NERC, House of Representatives Committee on Power, including representatives from the distribution companies, DisCos, Generation Companies, GenCos and the Transmission Companies, TCN, over the bills.
One of the bills currently under amendment, we gathered, is the Hydroelectric Power Producing Areas Development Commission (Establishment) HYPPADEC Act, 2010.
HYPPADEC Act 2010, is a bill which seeks to reduce from 30 to 10%, the charge imposed on the total revenue generated from the operations of any company operating hydroelectric dams in the country.
We gathered that this bill has already scaled second reading in the Senate.
The “Bill for an Act to amend the Hydroelectric Power Producing Areas Development Commission (Establishment) Act, 2010″, was sponsored by Senator David Umaru (Niger East). It seeks to amend section 14 dealing with the “Funds of the Commission” provided under the Principal Act.
The bill arose due to the section’s adverse effect on the performance of power firms, considering the capital intensive nature of the industry and the myriad of problems they faced.