The chairman of the Senate Committee on Power, Senator Gabriel Suswam has said that out of the six Generation
Companies (GenCos) only two are performing optimally.
According to Suswan, only Transcorp Power and Geregu Power are the two GenCos that met privatisation perfor-
mance benchmarks set by the Bureau of Public Enterprise (BPE).
Speaking at the end of a three-day investigative public hearing titled: “Power Sector Recovery Plan and the Impact of
COVID-19 Pandemic,” Senator Suswam, said: “Once there is an alignment and proper coordination, that yes, if we generate 13,000 megawatts, and transmission is able to transmit at least 10,000 megawatts and DisCos are able to absorb the 10,000, and there is a proper tariff, it makes the sector solvent.’’
He explained that once there is a return on investment (RoI) other potential investors will come in.
According to him, “Once there is business and RoI in the sector, the other potential investors will come in. The banks
will be able to also put in more money so that the sector will begin to run on its own.
‘’But at the moment, it will be unthinkable that the government will stop providing the intervention. Once that
stops, everything will collapse.”
During a presentation on the performance of privatized GenCos to the Senate Committee on power, the di-
rector-general of the BPE, Mr. Alex Okoh, noted that prior to the privatization exercise, only 19 of the 79 gen-
eration units in Nigeria were operational in 1999.