Energy
NBET confirms payment of N12bn to 10 power generation companies
The Nigerian Bulk Electricity Trader (NBET) has confirmed payment of about N12 billion to 10 power generation companies in Nigeria, National Daily has gathered
According to the Corporate Communications Chief of NBET, Henrietta Ighomroro, Kainji, Jebba, Shiroro, Geregu, Olorunshogo, Omotosho, Shell Afam, Opai Agip, Omoku have received the fund from the N701bn payment recently obtained from World Bank.
National Daily gathered that the Payment Assurance guarantees 80% of GenCos’ invoice, out of which 90% of the 80% is set aside for direct payment to gas suppliers (by NBET), leaving the GenCos with the balance. GenCos can then add the 10% left to the collections received from DisCos via the Market Operators.
It was also gathered that for any power generation company to benefit from the fund, it must have had a Power Purchase Agreement (PPA) with NBET. A Power Purchase Agreement is a contract between a GenCo and the NBET which contains how power is bought from the GenCOS, transferred and payment is made. About 22 GenCos currently have PPAs with NBET.
Once a GenCo has provided all the requisite documents confirming that power was delivered to the Transmission Company, it qualify for payment.
-
Latest6 days agoIsrael marks 3 years since October 7 Hamas attack amid Gaza strikes, election debate
-
Energy6 days agoFuel Battle: Dangote, marketers and government clash over petrol imports
-
Energy1 week agoPetrol, diesel prices rise 86% in 2026 as costs hit fresh highs
-
Football7 days agoNigeria’s World Cup exit under spotlight as FIFA’s DR Congo files emerge
-
Energy1 week agoHas Iran lost control of the Strait of Hormuz? Oil flows rebound as war disruptions persist
-
Latest7 days agoUS Court set to rule on release of FBI, DEA records on Tinubu
-
Latest20 hours agoFull List: Meet the 2026 Nobel Prize winners across six categories
-
Business7 days agoNigerian investors at a crossroads as fixed-income yields slide