The House of Reps has approved for final reading, a law compelling GENCOs to set aside 5% of their revenue for host communities.
NBET failed to pay GenCos for the electricity produced and fed into the national grid in the third quarter of this year.
Based on data from the Advisory Power Team in the Office of the VP, the nation's power sector lost an estimated N19.15 billion in 10 days.
The Nigerian Bulk Electricity Trading Plc (NBET) is reportedly owing Power Generation Companies (GenCos) in the country about N1 trillion debt.
The volume of gas supplied to gas-fired power plants dropped from 820 million standard cubic feet per day (mmscfd) in February 2019.
The rise in electricity tariffs in Nigeria is inevitable as the FG has introduced “Willing Seller, Willing Buyer”.
GenCos and DisCos will be probed by the Nigerian Senate over unstable power supply that has become the order of the day in the country.
GenCos have agreed to shut down power production and supply over NBET's proposed 0.75% administrative charge and a debt of over N1 trillion.
Power Generation Companies (GenCos) are clamouring for the approval to start selling electricity directly to Nigerians.
Power Generation Companies (Gencos) may no longer input any investment in the power sector should the current market conditions where it declared generation capacities remain ignored and unpaid.
The Executive Secretary of Association of Power Generation Companies (APGC), Joy Ogaji has disclosed four gas generating companies have shutdown production, as these companies struggle to access fresh loans.
The total power generation in Nigeria has been moving between 3,000 megawatts and 3,500 megawatts in the last few months.
