- GenCos accuse poor electricity supply on debt owed by NBET.
- Joy Ogaji notes that NBET has failed in its obligations to the GenCos.
In response to the recent electricity crisis plaguing Nigerians, generation companies (GenCos) have blamed the low electricity evacuated to the National Grid on the ₦1.664 trillion owed them by the Nigerian Bulk Electricity Trading Plc. In a recent report on the Vanguard, Dr Joy Ogaji, Executive Secretary, Association of Power Generation (APGC), noted that the bulk trader has failed its obligation to the GenCos as contained in the Power Purchase Agreements (PPA). Dr Ogaji, who gave a breakdown of the debts, said NBET owed the GenCos ₦214.93 billion in 2015; ₦273.32 billion in 2016; ₦236.47 in 2017, ₦264.08 billion in 2018, and ₦256.97 billion, ₦266.01 billion and ₦120.25 billion in 2019, 2020 and 2021 respectively.
Dr Ogaji explained that the huge debt makes it difficult for power generation companies to operate and maintain their generation. She added that if NBET paid all debts, GenCos could easily generate 9,000MW immediately. However, NBET disputes these figures, claiming that not all GenCos were entitled to unutilised capacity payments.