The Federal Government is driving the implementation of market reforms to boost electricity generation, the Nigeria Bulk Electricity Trading Company (NBET) has disclosed.
This was even as it stated that meetings were ongoing with the Nigerian Electricity Regulatory Commission (NERC) to activate more Power Purchase Agreements (PPAs) in the sector.
The Managing Director, NBET, Dr Nnaemeka Eweluka, made the disclosure at a two-day capacity building workshop for Power Correspondents and Civil Society Organisations, (CSOs) in Lagos State.
He listed the areas of reforms to include; financial, technical and commercial reforms which he said must be coordinated.
His words: “Number one is financial reform. Number two is a technical reform. Number three is a technical reform. Number four is a technical reform. Number five is a technical reform. Number six is a commercial reform, commercial/technical if you may say.
“Number seven is a technical reform. Number eight is a technical reform. Number nine is a technical reform. Number ten commercial. Number eleven commercial.
“So NBET has seen the need for these actions to be coordinated; What you are saying here is how to get the market back on track.”
While comparing the difference between the national Peak Demand Forecast of 19,788Mega Watts (MW) and the country’s Peak Generation of 16th February 2022, the MD said there was a need for a financially healthy and technically robust Nigerian Electricity Supply Industry (NESI).
He explained that while government strives to bridge the gap between peak demand and peak generation, the system needs to have the ability to physically move the additional power.
Ewelukwa further stressed that the government’s plan is to keep expanding generation, transmission and distribution capacity to meet the country’s demand.
“If the system can move that additional power, and GenCos actually are able to move that additional power, that additional power must be paid for.
He insisted that the loan which the Federal Government is investing in the sector must be repaid by consumers through payment for consumed energy.
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