The Nigerian Bulk Electricity Trading (NBET), said it paid over N42,486,673,723.75 to the Generation Companies (GenCos) for November 2021 Payment Cycle for grid-distributed electricity.
Head, Corporate Communications of NBET, Henriettta Ighomrore, in a statement, said the payments were made last week to GenCos for electricity delivered to the national grid during the period.
According to her, the payment was a combination of market receipts and supplementary payments from Distribution Companies (DisCos) made to NBET.
“DisCos and GenCos payments are based on the electricity market settlement statement.
Market Settlement Statements are issued in arrears by the Market Operator (MO) following a period of 28 days after a cycle. The MO takes the readings of the various meters via the grid network to determine the quantum of electricity supplied to the grid by generation companies into the national pool, which is then wheeled via the transmission network to the distribution companies and subsequently to end-users. The settlement statement forms the basis of invoicing and processing of payments to the GenCos” she said, adding that NBET has continued to ensure timely payments to generation companies for energy generated and distributed to end-users via the grid despite the average market performance of DisCos.
NBET, she admitted, continues to fulfill its mandate in ensuring an efficient and effective transactions environment for the bulk purchase and resale of power in the Nigerian Electricity Supply Industry (NESI).
For the 2021 payment cycle, NBET processed an average of N68 billion worth of electricity via the grid, making sure that GenCos received an average minimum settlement of 85 per cent of generation invoices, NBET spokesperson, said.
In her remarks, for January to June 2021 settlement cycle, NBET ensured that all GenCos received payment of 90 per cent to 99 per cent of generation invoices for grid- distributed electricity through the NBET Payment Assurance Facility (PAF) and market receipts.
Meanwhile, the statement revealed the top performing DisCo for the November 2021 remains Eko Electricity Distribution Company (EKEDC) with a performance rating of 93 per cent of its Minimum Remittance Order (MRO), whilst the least performance for the November 2021 cycle are Abuja Electricity Distribution Company (AEDC) and Kaduna Electricity Distribution Company (KEDCO) with both DisCos performing below 20 per cent of the MRO.