The Nigerian Bulk Electricity Trading Company (NBET), has said that with ongoing projects across the country and removal of bottlenecks hindering the sector , Nigeria will soon experience a massive improvement in power supply.
Managing Director of NBET, Dr Nnaemeka Ewelukwa, who spoke in a presentation at a workshop for media and civil society members in Lagos, said that working with other stakeholders, a framework was being developed targeted at raising electricity generation.
While lauding the Central Bank of Nigeria, CBN, for playing a critical role in stabilising the Nigerian Electricity Supply Industry (NESI), Ewelukwa explained that the apex bank and key players in the sector had identified critical projects which if quickly addressed would restore normalcy and increase production and supply of electricity.
“So basically what happened is that the CBN has actually performed a very positive role in trying to sort out this electricity market challenges.
“Working with Transmission Company of Nigeria (TCN) and the Electricity Distribution Companies (Discos), CBN basically asked what are those critical projects that if they are addressed today can quickly yield results in the sector.
“This is even as the Federal government is doing this Siemens project and TCN is implementing the report. What are those critical projects that if they are done today, will unlock additional megawatts quickly.
“And so the Discos and TCN worked together to come up with a list of some critical projects and I can’t be specific on the amount, maybe we can furnish that subsequently but that is what is happening.
“CBN decided to find those critical interventions so that there can be some quick wins even as the bigger project is being implemented, let’s have some quick wins that will have impacts on the lives of Nigerians,” he stated.
“On the issue of Power Purchase Agreements (PPAs) not working well, he stated that the Service-Based Tariff (SBT) regime has been made effective so that Discos will be held to account.
“And so NERC and NBET are working on this to make sure that we provide the framework for making more megawatts available but at the same time mitigating against the risks of having active PPA’s all over the place,” he said.
He added: What I can tell you is that the government is committed towards achieving these reforms as quickly as possible,” he stressed.
