*TCN attributes supply collapse to fragile grid
Ndubuisi Francis in Abuja
The federal government said yesterday that it had settled the power Generation Companies (Gencos) to the tune of approximately N3.5 trillion from the total invoices of N4 trillion issued by the electricity generators.
The Nigerian Bulk Electricity Trading Company (NBET) Plc, a Special Purpose Vehicle (SPV) set up by the federal government to act as intermediary between power generators and distributors, noted that the amount represents close to 90 per cent of the total indebtedness.
Speaking on the state-owned Nigerian Television Authority (NTA), Managing Director of NBET, Dr. Nnaemeka Ewelukwa, explained that with that amount , the government has shown a strong commitment to keeping the sector afloat despite the challenges of funding.
Although most of the funding is not directly from the federal government, as an intermediary, the NBET collects market…
Source: Thisday Newspaper
