Electricity generation companies are owed N364.11bn by the Nigerian Bulk Electricity Trading Plc for electricity generated, sold and fed into the national grid from January to October last year, the latest data from the bulk trader showed on Thursday. The government-owned NBET buys electricity in bulk from Gencos through Power Purchase Agreements and sells through vesting contracts to the distribution companies, which then supply it to the consumers. The Gencos include the successor companies carved out of the defunct Power Holding Company of Nigeria, the Niger Delta Power Holding Company (which manages government-owned power plants built under the National Integrated Power Project scheme), and Independent Power Producers.
NBET received total invoices for N499.79bn from the Gencos for electricity delivered in the 10-month period but only paid N135.68bn to them. The average energy sent out by the Gencos was 3,584.55 megawatts hour/hour in January; 3,820.37MWh/h in February; 3,904.65MWh/h in March; 3,867.53MWh/h in April; 3,597.26MWh/h in May; 3,128.87MWh/h in June; 3,182.18MWh/h in July; 3,519.55MWh/h in August; 3,382.76MWh/h in September, and 3,593.47MWh/h in October.
NBET paid the Gencos N6.08bn for January invoices of N48.23bn; N20.75bn out N48.27bn in February; N13.39bn out N52.50bn in March; N14.12bn out of N50.98bn in April; N15.09bn out of N49.62bn in May; and N13.83bn out of N47.64bn in June.
Nigeria Needs $30bn Annually To Meet Energy Demand – Independent
Nigeria needs about $30billion yearly to meet its energy demand, the Director-General, Energy Commission of Nigeria (ECN), Prof. Eli Jidere Bala, has said. Bala, who spoke at the opening ceremony of the International Renewable Energy Agency (IRENA) training workshop in Abuja, disclosed that 60 per cent of the yearly energy demand is going to electric power. He added that Nigeria requires and desires for economic and social development, which are driven by adequate, secured, cost-effective and environmentally acceptable energy supply.
According to him: “Huge infrastructure (deficit) estimated to cost about $30billion annually between 2014 and 2043, is however required to meet Nigeria’s energy demand to support its long term aspirations, with 60 per cent going to power electricity.” He noted that the infrastructure needed should, however, be renewable energy and energy efficiency based in order to ensure sustainable development in line with national commitment to global obligations to climate change mitigation. Bala said in line with the nation’s Economic Recovery Growth Plan (ERGP), the need should be private sector driven.