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’Femi Asu
Published 4 April 2021
Power generation companies were not paid 59.17 per cent of the invoice issued last year for the electricity produced and fed into the national grid.
The government-owned Nigerian Bulk Electricity Trading Plc buys electricity in bulk from generation companies through Power Purchase Agreements and sells through vesting contracts to the Discos, which then supply it to the consumers.
NBET received a total invoice of 1N739.68bn from the Gencos last year but only paid N320.02bn to them.
The nation generates most of its electricity from gas-fired power plants, while output from hydropower plants makes up about 30 per cent of the total generation.