The National Electricity Regulatory Commission (NERC) has sanctioned the Port Harcourt Distribution Company for not complying with the Nigerian Electricity Supply Industry directives regarding submission of audited accounts.
A communiqué issued at the end of the sector’s monthly meeting held on Monday in Sokoto stated that Benin, Kano and Enugu Distribution Companies (DisCos) would also be sanctioned for non-submission of their financial statements.
The Electric Power Sector Reform Act of 2005 established NERC’s authority to impose mandatory reliability standards on the transmission system and to impose penalties on companies that manipulate the electricity markets.
It also administers accounting and financial reporting regulations and conduct of regulated companies such as the DisCos.
NERC consequently directed that DisCos would be required to submit financial statements of their companies in accordance with the provision of their licences.
The communique reported the Minister of Power, Works and Housing, Babatunde Fashola (SAN), saying that the meeting was not meant to sanction operators but to find solutions to the electricity sector.