About N190 billion worth of electricity generated by the Niger Delta Power Holding Company (NPHC) was not paid for, the company said yesterday.
The company which lamented the non-payment of the power, said what they generated from the plants to the National Grid was not paid for.
In his submission at the public hearing, the managing director of Niger Delta Power Holding Company (NDPHC), Mr Chiedu Ugbo said over N190billion is being owed the company for electricity generated.
He said, ‘The overarching challenge for NDPHC is the low market remittance leading to huge indebtedness to NDPHC”.
“As at May 31, over N190billion was owed to NDPHC for electricity generated from our power plants to the National Grid”.
“The breakdown of the indebtedness is as follows: Legacy debt period from 2011 to 2013 is N24, 488,365,072; Interim Rule Period of 2013 – 2015 is N6, 796,473,564 and TEM (NBET): 2015 to 2020 is N281, 101, 92,728. The sub-total is N312, 386.741.364’’.
“Less payment to gas suppliers is N119, 393.845,935. This however amounted to a total of N192, 992,895,429 owed to NDLHC.”
Ugbo also listed regulatory issues affecting the NDPHC to include the provision of low tariff to its generating stations compared with other thermal stations in the country.
“NDPHC’s tariff is fixed at N18.4 per KWh as against N24 per KWh by other Independent Power Plants (IPPs)”.
Meanwhile, the Senate Committee on Power has blamed the current power crisis in the country on huge debt owed to operators in the power sector by MDA’s.
The committee chairman, Senator Gabriel Suswan (PDP Benue North) on Tuesday, after a three-day investigative public hearing on power sector, revealed that various Ministries, Departments and Agencies (MDA’s) of government alone are owing the DISCOs about N98 billion, saying such debt is killing the sector.