- GenCos received a total of ₦81.14bn as payment assurance from the Nigeria Electricity Bulk Trading Plc in 2020.
- Only Azura Edo Power company did not get the payment assurance in line with its operational agreements.
- Egbin GenCo received the highest payment assurance; ₦16.49bn.
According to data from Nigerian Electricity Regulatory Commission (NERC), power generation companies (GenCos) received a total of ₦81.14bn as payment assurance from the Nigeria Electricity Bulk Trading Plc in 2020. NERC disclosed this in its latest Key Operational and Financial Data of the Nigerian Electricity Supply Industry: 2019-2020.
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According to GenCos, the total amount owed to them by the bulk trader, NBET, has crossed the ₦1tn mark. NERC noted that last year ₦80.14bn was paid to 24 of the 25 GenCos that supplied electricity to the national grid as only Azura Edo Power company did not get the payment assurance in line with its operational agreements.
Egbin GenCo received the highest payment assurance, ₦16.49bn, while the Sapele 2 (NIPP) gas-fired thermal GenCo received the least ₦114.94m. The payment assurance approved by the federal government to help cushion bridges the market shortfall incurred.