Citing its contributions to the electricity industry, Nigerian Bulk Electricity Trading Plc has asked the Nigerian Electricity Regulatory Commission to renew its operating license.
NBET is requesting a five-year extension of its current license, which is scheduled to expire on November 21, 2024.
The proposal was made on Thursday during a NERC-sponsored public meeting in Abuja.
NBET Managing Director Johnson Akinnawo gave a speech during the hearing in which he emphasized the company’s accomplishments.
“With an annual trading volume exceeding $2 billion, NBET has transparently managed a contracts portfolio,” the speaker stated.
Akinnawo also highlighted the company’s contribution to the management of the privatization of Power Holding Company of Nigeria’s assets and the attraction of almost $1 billion in greenfield power production investment.
He emphasized the vital role that NBET plays in enabling investment from the private sector by means of Power Purchase Agreements and Vesting Contracts.
He said, “The execution of these agreements paved the way for about $2.5 billion in investments in Gencos and Discos,” and added that the NBET aims to see a private sector-driven, self-sufficient power market.
Dafe Akpeneye, the Commissioner of NERC, recognized the value of stakeholder participation in the license renewal procedure.
The commission doesn’t think we are experts in everything. We need to include major stakeholders’ opinions in NBET’s request, he said, because of the way the business is developing and changing.
In support of an extended license renewal, Edu Okeke, the managing director of Azura Energy, said, “No investor will agree to invest long-term if NBET licence is only renewed for five years.”
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