ELECTRICITY: NBET owes GenCos N364.1bn

The Nigeria Bulk Electricity Trading Plc. NBET, is owing power generation companies in the country N364.11 billion for the electricity they generated sold and fed into the national grid between January and October 2018.

NBET is a government owned power sector player that 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.

According to the latest data from the bulk electricity trader, NBET received total invoices of N499.79bn from the Gencos for electricity delivered in the 10-month period but only paid N135.68bn to them.

The data also showed that 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.

Read also: FG, States, LGs share N610bn, revenue sees N42.2bn drop

NBET’s records also showed that it 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.

NBET also paid N15.08bn out of N51.79bn in July; N10.287bn out of N50.69bn in August; N14.977bn out of N47.79bn in September, and N12.075bn out of N52.279bn in October.

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