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Mainstream Energy Raises Concern Over N72bn Debt

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The managing director of Mainstream Energy Solutions Limited (MESL), Engr. Lamu Audu, said the company was currently being owed N72 billion for power it supplied the Nigeria energy market as at March 11, 2019.

Audu disclosed this when he received a delegation of the Bureau of Public Enterprises (BPE) who were on site visit the Kainji and Jebba hydropower plants in Niger State yesterday.

“We have an accumulated unpaid invoices of N72billion receivables as at March 11, 2019, in the market; it does not include capacity charge and if there is to be an interest on these debts,” he said.

The MESL boss also told the BPE delegation comprising the director-general of BPE, Mr Alex Okoh, and the director of power at BPE, Mr Yunana Malo, to encourage the federal government to convert the payment of concession fee by MESL from dollar to naira currency due to the difficulty in accessing foreign exchange (forex) at official exchange rates.

Speaking on the present state of the firm’s five years into the privatisation, Lama said although the two plants has a combined generation  capacity of 1,338MW capacity plants, only 582MW was available when they took over as concessionaire in November 2013.

Responding, the BPE boss commended the management of  MESL for their commitment to the successful rehabilitation of the plants.

He described as excellent MESL’s investments in terms of recovering turbines, generators, energy delivery capacity and other advanced facilities at the plants.

“We are quite impressed at what we see. We are not where we should be in terms of the privatisation agreements but we can see a credible efforts towards delivering on that path.”

Okoh who disclosed that BPE was working with the Nigerian Electricity Regulatory Commission (NERC) to return the power sector to commercial viability sought the Generation Company (GenCo) collaboration to be able to do so.

 

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