Twenty electricity Generation Companies record 69% arrears in May


Twenty electricity Generation Companies (GenCos) have been paid just N12.77 billion representing 31.3 per cent out of the N44.48bn they should be paid for May 2017 operation, data from the Nigerian Bulk Electricity Trading Plc (NBET) have shown.

NBET in its published record, said the GenCos presented an invoice of N44.48bn for energy of 3,466 megawatts hour (mwh) delivered in May. Out of this amount, NBET said it paid N12.77bn based on the collections from the 11 Distribution Companies (DisCos).

Each of the GenCos was paid 28.7 per cent of its invoice with a cumulative average of 31.3 per cent payment level for all, the report indicated.

The breakdown shows that Egbin presented the highest invoice of N4.913bn for energy generated; it was paid N1.410bn representing 28.7 per cent of its invoice.

The second highest was Ughelli Transcorp (Delta Power) which presented an invoice of N4.821bn and was paid N1.383bn also representing 28.7 per cent of its invoice. The third highest energy producer was Agip (Okpai). It presented N4.248bn energy invoice and was paid N1.219bn or 28.7 per cent.

Gbarain power under the National Integrated Power Project (NIPP) produced the least electricity for the month. It presented N220.949 million invoice and was paid N63.418m, representing 28.7 per cent of its invoice figure, the data revealed.

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Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of and also sits on the board of Students In Business Awards, (SIBA). He currently lives in Manhattan New York


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