NBS: NBET Recorded over N1.34bn in Bulk Electricity Transactions in 2016

By James Emejo in Abuja

Invoices and payments from bulk electricity transitions among the generating companies (GENCOs), distribution companies (DISCOs) and offtakers as well as the Nigerian Bulk Electricity Trading Plc (NBET) totalled over N1.34billion in 2016, according to the National Bureau of Statistics (NBS).

Specifically, it said an invoice of N30.51 billion was issued by the Gencos to the offtakers while a payment of N2 billion and a debit note of N1.12 billion for Net gencos  imports was made with a balance N27.3 billion recorded at the end of the period.

According to the Nigeria Bulk Electricity Invoices and Payment to Gencos, Discos and Off-takers which was released yesterday by the statistical agency, an invoice of N331.02 billion was issued by the Gencos to the distribution companies while a payment of N88.03 billion was made with a balance N242.97 billion recorded at the end of 2016.

It further stated that the generating companies issued a total invoice of N361.52 billion with the offtakers share of the total invoice put at N30.2 billion while payment N2 billion was received with a balance of N27.39 billion was recorded at the end of the year. 

During the Transitional Stage of the Nigerian electricity market reforms, NBET was created to take charge for buying power from IPPs and reselling the power to the distribution companies (Discos) and eligible customers though it will not be the sole authorized or designated buyer, as other entities, such as Discos that have attained commercial viability, will be able to procure power directly from Gencos as well.