BY BEN AGANDE
ABUJA—Twenty four hours after President Goodluck Jonathan approved payment of N384billion for the settlement of outstanding benefits of Power Holdings Company of Nigeria, PHCN, staff, the Federal Government Thursday signed transaction and industry agreements with successor companies to PHCN, formally marking the final take off of reforms of the electricity generation and distribution industry.
Minister of Power, Prof. Chinedu Nebo, who signed on behalf of the chairman of the National Council on Privatization NCP, Vice President Namadi Sambo said the first set of agreements is on power purchase between the Nigeria Bulk Electricity Trading Company Ltd “Bulk Trader” and six legacy power plants.
The Nigeria Bulk Electricity Trading Company is designed to provide a credible and credit worthy platform for the take off of the succeeding companies to the PHCN pending the attainment of sustainable liquidity of the distribution companies.
Prof. Nebo explained that NBET on its part also signed vesting contracts with the 11 distribution companies.
Some of the distribution companies that signed the agreement with NBET include, Kann Cosortium, handling the Abuja power plant, Vigeo Power consortium (Benin), West Power $ Gas (Eko), Interstate Electric Ltd (Enugu), Integrated Energy and NEDC/KEPCO in charge of Ikeja.
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