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NBET Gets 3 Years License Renewal, Says NERC

The Nigerian Electricity Regulatory Commission has renewed for three years the trading license of the bulk trader following a review of the latter’s application and corporate business plan.

Reports that NBET is set up as a credit worthy off-taker of bulk electricity distributed via the grid to consumers with an initial license was for a 10year period which ended this November.

Our Correspondent learnt that NERC commenced the process of renewing the the resale license of the Nigerian Bulk Electricity Trading Plc recently.

In a document signed by the NERC, chairman, Sanusi Garba, titled: “Stakeholder engagement on the renewal of the bulk electricity purchase and resale license issued to The Nigerian Bulk Electricity Trading Plc” the NERC boss “The Nigerian Electricity Regulatory Commission (“NERC”) or “Commission”) hereby invites stakeholders in the Nigerian Electricity Supply Industry (“NESI”) and interested members of the public to a renewal of the bulk electricity purchase and resale licence filed by the Nigerian Bulk Electricity Trading Plc (“NBET”) or the “Trading Licensee”) on 12 February 2021.”
According to him, this stakeholder engagement is being convened pursuant to sections 45 and 47 of the Electric Power Sector Reform Act (“EPSRA” or the Act) and section 7 of the NERC Business Rules of the Commission Regulations 2006 (the Business Rules”).

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Garba recalled that the NERC issued a bulk electricity purchase and resale licence (the “Licence”), for the maximum statutory tenure of 10 years, to NBET on 15th November, 2011 following due consideration of sections 25(a) and 68(1)(2) of EPSRA.

The NBET is set up as a credit worthy off-taker of bulk electricity distributed via the grid to consumers with initial license was for a 10year period which ended this November.

NBET is set up to undertake the business of managing and trading in wholesale electricity as a bulk purchaser and bulk reseller of electricity and ancillary services pursuant to the Electric Power Sector Reform Act 2005.

Source: Daily Independent

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