The electricity generation companies (Gencos) at the weekend produced “lowest generation of 2,854.3Mw.”
The System Operation of the Transmission Company of Nigeria (TCN) that disclosed this on its website also said the peak generation that was recorded on 23rd August, 2019, was 4,439.8mw.
It added that energy recorded in that day was 86,033.72mwh which is equivalent to 3,584.7Mw.
At 06:00hour on Saturday, the Daily Operational Report showed that energy generation was at 3,183.2Mw.
The decline in power generation was not unconnected to the electricity Distribution Companies (Discos) low demand for power, which culminated in the reduction of generation and zero level production of some of the Gencos.
Nigeria Bulk Electricity Trading (NBET) Company, Managing Director, Dr. Marilyn Amobi, last week disclosed that in the last payment, last month, the company has borne a payment of N181billion to five generation companies for electricity that Nigerians did not use.
According to her, in the context of the N701billion power sector intervention fund, the federal government paid N105billion as five percent to GenCos for unused electricity. The payments, she said, were due to the power purchase agreements that government had with the companies.
Meanwhile, the Market Operator of the Transmission Company of Nigeria (TCN), Engr. Edmund Eje, disclosed that the Federal Government has approved N600billion to be injected into the nation’s electricity market.
He said that the fund is ripe for disbursement any moment from now.
According to him, the intervention is for the payment of the shortfall in electricity invoices for the entire market.
He noted that the intervention is not restricted to a single chain in the market, it is a wholistic one.
He said that “the intervention is at a very advanced level. It has been signed by Mr. President, Muhammadu Buhari.”
Amobi also corroborated the N600billion intervention for the electricity market to the new Minister of Power Engr. Mamman Sale and the Minister of State, Goddy Jedy Agba, who were taking their inaugural briefings from the Ministries, Department and Agencies heads in Abuja.
Source: The Nation