Power generation companies (GenCos) were paid just half of their total invoice to the Nigerian Bulk Electricity Trading Plc (NBET) for power supplied to the National Grid in the first nine months of last year.
Industry data released by the Nigerian Electricity Regulatory Commission (NERC) showed that the GenCos were paid N311.06 billion out of the total invoice of N614.58 billion, representing 50.61 percent.
This was however an improvement compared to what the GenCos received over the same period in 2020 where NBET paid just 24.03 percent (N136.03 billion) of the N569.14 billion invoice sent in by the power generators.
A monthly analysis of data on NBET payments to GenCos from January to September 2021 showed that the electricity bulk trader paid N37.04 billion or 51.9 percent of the N71.37 billion invoice for energy supplied in January 2021.
The GenCos got N26.19 billion representing 39.6 percent of the N66.15 billion invoice sent to NBET for energy supplied in February 2021. The payment for power supplied in March was N35.78 billion or 51.9 percent of the N68.89 billion invoice sent to NBET.
Also, NBET payment for energy supplied in April was N39.46 billion representing 56.6 percent of N69.65 billion sent in by the GenCos. For May, NBET paid the GenCos N40.54 billion or 55.3 percent of the N73.30 billion invoice for energy supplied.
In June, 2021, the GenCos were paid N31.88 billion or 48.1 percent of the N66.20 billion invoice sent to NBET for energy supplied to the national grid. Also, NBET paid the GenCos N36.03 billion or 52.4 percent of the N68.71 billion invoice for energy supplied in July 2021.
In August, the GenCos were paid N31.14 billion representing 46.4 percent of the N67.16 billion invoice sent to NBET, while in September the GenCos got N32.99 billion or 52.2 percent of the N63.15 billion invoice sent to NBET for energy supplied, Vanguard reports.
