Nigeria In One Minute
Three month’s debt: Nationwide blackout looms as GENCOs threaten to shut down
Electricity Generation Companies (GenCos) have not been paid for their services by the Nigeria Electricity Bulk Trader in the last three months.
A source in the power sector told Sunday Vanguard in Abuja, at the weekend, that the situation of unsettled invoices would spell doom for the economy as operators were already considering shutting down their plants across Nigeria.
The source said, “GenCos have not been paid a dime since the beginning of this year. Our invoices for power delivered in January, February and March have not been settled. The situation is very terrible and has become unbearable.
“To produce power, deliver to the grid and without payment has been our experience since the beginning of 2017 and we are grinding to a halt. We just can’t continue like this”.
He added that the attention of the Presidency had been drawn to the situation as the GenCos had to write the National Security Adviser on the implications of their shutting down and that even after meeting with the NSA, the situation largely remained unchanged.
Vanguard, April 2, 2017
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