By ABAH ADAH, Abuja
The Managing Director/CEO of the Niger Delta Power Holding Company, Chiedu Ugbo has said the N701 billion Payment Assurance scheme of the federal government has improved the revenue of the company and other electricity generating companies (GenCos).
Ugbo who was speaking on the impact of the National Integrated Power Projects (NIPP) on the power sector at an NDPHC-media parley held in Abuja said the fund has helped to mitigate the impact of the liquidity that has been plaguing the power industry.
The MD said from the fund, the Nigerian Bulk Electricity Trading Plc (NBET) currently pays about 50 per cent of the GenCos’ invoice by off-setting the gas cost directly in addition to the about 30 per cent that the distribution companies (DisCos) have been able remit.
“At least we are able to get in the region of 80 per cent of our invoices paid now; that is why you can see that we are able to cope,” he said.
Ugbo expressed hope that with government interventions such as the payment assurance that will span 2018 and the Power Sector Recovery Plan, more projects will be completed and energised to put more power on the grid in the coming year.
The NDPHC boss who spoke of the many projects NDPHC has completed or still doing across the industry value chain said the focus now is on how to get the distribution end upgraded to be able to evacuate the available power, adding that much attention will be given to the distribution projects to ensure that they are completed in good time.
“Even if we manage to get all the gas required, we cannot generate at full capacity because it cannot be taken at the distribution level, and that is what we are trying to solve going forward,” he said.
Honoris United Universities Welcomes Nile University of Nigeria to its Pan-African Network
CUPP Distances Self From New Coalition
KDHA Approves Sum Of Over N223b As Revised Budget For Year 2020
COVID-19: Ayade Charges Residents To Begin Personal Lockdown
Ondo 2020: ‘North Must Retain Governorship Seat’
How We Forced Ortom To Halt Ukpute, Bonta Killings – Media Group
Group Backs Ex-Commissioner For APC Deputy National Publicity Secretary Position
NEWS22 hours ago
I Don’t Believe In Dialogue With Bandits – Buratai
COVER STORIES11 hours ago
2023: Na’abba, Agbakoba, Utomi, Ezekwesili, Others Unfold New Political Movement
NEWS3 hours ago
PMB Swears In Chairman, Members Of FCC, RMAFC, Others
NEWS21 hours ago
Information Ministry To Create 2million Jobs In Next 3 Years – Lai Mohammed
COVER STORIES11 hours ago
Zenith Bank Ranked Number 1 Bank In Nigeria
CRIME16 hours ago
Hushpuppi: Group Wants FBI, Interpol To Question Top Politicians Over Links To Alleged Fraudster
NEWS11 hours ago
Protesters Attack FMC Lokoja For Rejecting Pregnant Woman
BUSINESS22 hours ago
PPPRA Fixes Petrol Price Band Of N140.80 To N143.80 Per Litre For July