Blackout looms as power firms become broke

The power sector may be heading for a total collapse if the current paucity of funds in the industry is not addressed quickly, officials of the Federal Ministry of Power, Works and Housing, Nigerian Bulk Electricity Trading Company and the Nigerian Electricity Regulatory Commission have said.

According to them, the sector is presently suffering from acute shortage of funds as both power generation and distribution companies are finding it difficult to meet their various obligations to NBET, gas suppliers and other service providers.

It was learnt on Saturday that the inability of NBET, popularly referred to as the bulk trader, to pay about N156bn owed the generation firms was primarily because the distribution companies were not paying for the power delivered to them by the generating companies through the Transmission Company of Nigeria.

Leave a Reply

Your email address will not be published. Required fields are marked *