Nationwide Blackout looms Over 3 month Debt owed to GenCos by NBET

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Electricity Generation Companies (GenCos) have not been paid for their services by the Nigerian Bulk Electricity Trader (NBET) in the last three months.

A source in the power sector said at the weekend, that the situation of unsettled invoices would spell doom for the economy as operators were already considering shutting down their plants across  Nigeria. The source said, “GenCos have not been paid a dime since the beginning of this year.  Our invoices for power delivered in January, February and March have not been settled. The situation is very terrible and has become unbearable.”

However, the spokesperson for NBET, Henrietta Ighomrore, said that GenCos are paid for electricity generated and put on the grid based on money collected from the Distribution Companies (DisCos), explaining that her organization does not keep such funds once paid by DisCos. She said that DisCos paid for the electricity they received in the month of January only last week and that arrangements were on to pay the GenCos shortly.

Source: Energy Mix Report

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