February 25, 2024

NBET to facilitate resources for GenCos, DisCos to increase power supply to 5,500MW in 2023

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Oredola Adeola

The Nigerian Bulk Electricity Trading Plc has restated its commitment to serve as a market enabler to facilitate the resources needed for the electricity generation and distribution companies in Nigeria to increase power supply to 5, 500 Megawatts (MW) in 2023 to boost electricity across the country.

Mr. Nnaemeka Ewelukwa, NBET, Managing Director stated at the 2nd Capacity Workshop for Power Correspondents, Civil Society, and other Stakeholders on Wednesday in Lagos.

According to him, NBET’s board headed by the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed has endorsed the repositioning of the company.

According to him, the repositioning is to make NBET a market enabler and facilitator to allow it to expedite market growth to a point of self-sustaining.

He said, ”NBET is putting in place a lot of initiatives that will improve power supply in the country.

”Under the first phase of such initiatives, it is expected that the Nigeria Electricity Supply Industry will be able to generate, transmit and distribute 5, 500 MW and this power will be paid for.

”Following the success of this trial phase. a further 1,000 MW will be added to the activated contracts in the following year bringing the total to 6,500MW.

” This will improve the capacity of the Electricity Distribution Companies (DisCos) on an incremental basis.”

Ewelukwa said that NBET would also establish a comprehensive Data hub that will provide critical information on electricity, and gas customers and their geographical locations in the country.

The MD said that the hub would be a catalyst for investment decision-making for emerging industries, including manufacturers of electric vehicles and solar panels.

”NBET will also promote bilateral trading between Independent Power Plants (IPP) and commercial/industrial customers through an automated energy trading platform/exchange.

” With multiple energy brokers playing a key role in linking energy suppliers and customers registered on the platform, ”Ewelukwa said.

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