The Market Operator (MO) has said Eko Distribution Company (DisCo) is the only firm to pay 100 per cent of its bulk electricity purchase invoice as nine others paid below 50 per cent for the previous month.
The MO, a section of the Transmission Company of Nigeria (TCN) lauded Eko and Yola DisCos being managed by the Federal Government for paying 91 per cent of their invoice.
In a communiqué issued after the 17th Power Sector meeting hosted by Abuja DisCo in Abuja, last Monday, the MO said: “No other DisCo made payments up to 50 per cent, and the Nigerian Electricity Regulatory Commission (NERC) has commenced enforcement procedures for non-payment in the sector.”
During the meeting, the Permanent Secretary, Federal Ministry of Power, Works and Housing, Mr. Louis Edozien, said payments of the N701bn to Generating Companies (GenCos) for January were complete, while February was in progress to ensure the GenCos improved on power generation.
The ministry also told the DisCos that the recent declaration for Eligible Customers by the Minister, Mr. Babatunde Fashola, was to ensure that customers who wished to have premium service and were prepared to pay for it were allowed to do so.
It said it was convinced that a power market anchored by bilateral agreements was the way forward to achieving improved power supply.
“The ministry reminded that these actions are not a threat to DisCos but are designed to strengthen the business for robust market,” the communiqué stated.