The Managing Director of The Nigerian Bulk Electricity Trading Plc, Mr Johnson Akinnawo has solicited for a five year renewal of its operation license from the Nigerian Electricity Regulatory Commission highlighting the company’s role in facilitating private sector investment through Power Purchase Agreements and Vesting Contracts.
The request for the operating license renewal which will expire November 21, 2024, was made during a public hearing organized by Nigerian Electricity Regulatory Commission (NERC)
NBET Managing Director explained the company’s role in securing nearly $1billion in overseeing the privatization of Power Holding Company Nigeria’s assets and in new power generation.
He stated that the implementation of these agreements facilitated approximately $2.5 billion in investments in Gencos and Discos, and NBET envisions a self-sustaining electricity market fueled by private investments.
NERC Commissioner, Dafe Akpeneye recognized the crucial role of stakeholder feedback in the license renewal process. According to him, “The commission doesn’t believe that we know it all, given how the industry is changing and evolving, it’s important that we get critical stakeholders’ input into NBET’s request”.
