NBET pays GenCos N42bn for November 2021 grid distributed electricity

The Nigerian Bulk Electricity Trading Plc (NBET), on Tuesday, disclosed that it has processed market payment of over N42 billion naira (N42,486,673,723.75) to electricity generation companies (GenCos) for the November 2021 Payment Cycle for grid distributed electricity.

This was even as the agency disclosed that it processed an average of N68 billion naira worth of electricity via the grid for the 2021 payment cycle.

In a statement issued by Henriettta Ighomrore, Head, Corporate Communications,(NBET), it said the payments were made last week to the GenCos for electricity delivered to the National grid within the period.

According to NBET, the payments were a combination of market receipts and supplementary payments paid to it by the Distribution Companies (DisCos).

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DisCos and GenCos payments are based on the electricity market settlement statement while Market Settlement Statements are issued in arrears by the Market Operator (MO) following a period of 28 days after a cycle.

“The MO takes the readings of the various meters via the grid network to determine the quantum of electricity supplied to the grid by each generation company into the national pool, which is then wheeled via the transmission network to the distribution companies and subsequently to the end-users.

“The settlement statement forms the basis of invoicing and processing of payments to the GENCOS,” the statement partly read.

It further explained that the payments were made following a meeting of the internal payment committee and approval by Management.

NBET said it made sure that GenCos received an average minimum settlement of 85 per cent of generation invoices.

It noted that the increase, timeliness and consistency in payments has ensured the stability of the national grid and sustained power generation across the country.

“It is evident that the quantum of power delivered to the grid has been on a steady increase as GENCOS can leverage payments to third parties and ensure maintenance of their plants.

“With a new license, NBET is suitably positioned to lead the NESI towards a viable power exchange for the good of the sector,” the statement noted.

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NBET pays GenCos N42bn for November 2021 grid distributed electricity