By Obas Esiedesa
The Nigerian Bulk Electricity Trading Plc on Thursday disclosed that electricity market remittance for the month of June was N26.811 billion with EKO Electricity Distribution Company, EKEDC, as highest with 93.4 per cent of its Minimum Requirement Order, MRO.
The NBET implements the Minimum Remittance Order issued by the Nigerian Electricity Regulatory Commission, NERC, to all DisCos, which sets the minimum percentage payment each DisCo is to remit to NBET monthly.
The company said it would continue to deploy strategies and initiatives to enhance the market liquidity in the sector through improving payments to the generation companies, this further supported by its power sector reform program and the market discipline committee.
NBET had in 2016 conceptualize and began the implementation of its N701.9 billion Payment Assurance Facility (PAF), when generation capacity was greatly threatened due to shortage of gas and the inability of some power generation companies to meet their immediate obligations.
NBET explained that the PAF was efficiently managed and disbursed from January 2017 till December 2018, and resulted in a quantum leap of 6500MW generation capacity to a 7659MW at the end of the PAF.
The success of the N701.9 Billion PAF led to sustainable generation capacity and increased available electricity, this success led to the birth of PAF 11.
The implementation of PAF 11 which is N600 billion facility was implemented for 2019/2020, and later metamorphosed into the Power Sector Reform Program.
“NBET has consistently demonstrated efficiency and transparency in the administration of the financial flow”, the company added.
NBET’s Head of Corporate Communications, Henrietta Ighomrore, who confirmed that the June 2021 Market Payment has been disbursed to the GenCos in proportion to their invoice, listed the three top remitters as Eko DisCos, Abuja DisCo, and Port Harcourt DisCo with 93.4 per cent, 86.6 per cent and 76.4 per cent respectively.
She further stated that NBET is committed to ensuring timely and efficient payment to GenCos to enable the generators to fulfil their obligations and maintain a sustainable supply of electricity to the grid.
Ighomrore stated that NBET is engaging with all stakeholders in the value chain to ensure payment improvement and viability of the Nigerian electricity market.