The Nigerian Bulk Electricity Trading (NBET) Plc,has said that the increase, timeliness and consistency in payments to the generation companies has ensured stability of the national grid and sustained power generation in Nigeria.
It also said that the quantity of power delivered to the grid has been on a steady increase as GENCOS can leverage payments to third parties and ensure maintenance of their plants.
“With a new license, NBET is suitably positioned to lead the NESI towards a viable power exchange for the good of the sector” ,
Henriettta Ighomrore, Head, Corporate Communications, NBET, disclosed these in a statement.
She said the Nigerian Bulk Electricity Trading (NBET) Plc. has processed market payment of over N42 billion naira (N42,486,673,723.75 (billion) to generation companies (GENCOS) for the November 2021 payment cycle for grid distributed electricity.
These payments which were made last week to GENCOS for delivered electricity to the National grid during the period,she said,were a combination of market receipts and supplementary payments from Distribution Companies (DISCOS) made to NBET.
She added:”DISCOS and GENCOS payments are based on the electricity market settlement statement.Market Settlement Statement are issued in arrears by the Market Operator (MO) following a period of 28 days after a cycle.
“The MO takes the readings of the various meters via the grid network to determine the quantum of electricity supplied to the grid by each generation companies into the national pool, which is then wheeled via the transmission network to the distribution companies and subsequently to the end-users. “The settlement statement forms the basis of invoicing and processing of payments to the GENCOS.
Ighomrore explained that NBET has continued to ensure timely payments to generating companies for energy generated and distributed to end users via the grid despite the average market performance of DISCOS.
She said NBET continues to fulfill its mandate in ensuring an efficient and effective transactions environment for the bulk purchase and resale of power in the Nigerian Electricity Supply Industry.
She further added that for the 2021 payment cycle, NBET processed an average of N68 billion naira worth of electricity via the grid, making sure that GENCOS received an average minimum settlement of 85% of generation invoices.
According to Ighomrore, for January – June 2021 settlement cycle, NBET ensured that all GENCOS received payment of 90% – 99% of generation invoices for grid distributed electricity through the NBET Payment Assurance Facility (PAF) and market receipts.
“The top performing DISCO for the November 2021 remains Eko Electricity Distribution Company (EKEDC) with a performance rating of 93% of its Minimum Remittance Order (MRO), whilst the least performance for the November 2021 cycle are Abuja Electricity Distribution Company (AEDC) and Kaduna Electricity Distribution Company (KEDCO) with both DISCOS performing below 20% of the MRO”
