02 August 2017, Sweetcrude, Lagos – The Nigerian Senate is currently working on amending three power-related Acts, SweetcrudeReports has gathered.
It was gathered that the Senate has been meeting with the Nigerian Electricity Regulatory Board, NERC, House of Representatives Committee on Power and representatives from the power distribution companies or Discos, power generation companies or Gencos and the Transmission Company of Nigeria, TCN, over the amendment of the Acts.
One of the Acts currently under amendment, we gathered, is the Hydroelectric Power Producing Areas Development Commission (Establishment) Act 2010.
The Hydroelectric Power Producing Areas Development Commission or HYPPADEC Act 2010 amendment bill 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.
Our source did to mention the other amendment bills being considered by the Senate.