The Nigerian Bulk Electricity Trading Company (NBET) has appealed for a renewal of operating licence from the Nigerian Electricity Regulatory Commission.
The licence which will permit the company in ensuring efficient and accurate administration of contractual relationships with both GENCOS and DISCOS, would expire on November 21, 2024.
In a public hearing on Thursday, NBET Managing Director, Johnson Akinnawo noted that NBET has served as a channel for the Federal Government’s budgetary appropriation.
“NBET has transparently managed a contracts portfolio with an annual trading volume over $2bn.
“NBET has also facilitated private sector investment through Power Purchase Agreements and Vesting Contracts. The execution of these agreements paved the way for about $2.5bn in investments in Gencos and Discos,” he said.
NERC restrains NBET
Recall that the Nigeria Electricity Regulatory Commission (NERC) about two months ago has asked the Nigeria Bulk Electricity Trading (NBET) company to desist from signing new contracts for the purchase and sale of electricity in the Nigerian Electricity Supply Industry (NESI).
This is in line with an Order signed by NERC Chairman, Mr. Sanusi Garba, and the Commissioner for Legal, Licensing, and Compliance, Mr. Dafe Akpeneye.
The order required NBET to cease entering into any new agreements for the purchase and resale of electricity and ancillary services within the Nigerian Electricity Supply Industry (NESI) with immediate effect.
