FG to Finally Liquidate PHCN with Imminent Declaration of TEM

 

Prof Chinedu Nebo
•N'Assembly invites bidders for parley 
•Staff kick against disengagment

Chineme Okafor 
and Linda Eroke 

The federal government has said its final liquidation of the Power Holding Company of Nigeria (PHCN) will be achieved with its imminent declaration of the Transitional Electricity Market (TEM) in the next couple of weeks.

It said PHCN has functionally seized to exist, following the privatisation of its successor generation and distribution companies, but will finally go into extinction when TEM is declared based on the anticipated advice of the Nigerian Electricity Regulatory Commission (NERC).

Also, the Power Committees of the National Assembly have said they would invite the various preferred bidders of PHCN successor companies to a parley to discuss their plans on the expansion and sustenance of their acquired assets.

The Minister of Power, Prof. Chinedu Nebo, stated yesterday in Abuja, after inaugurating a 10-man management team of the newly-created Electricity Management Services Limited (EMSL) that the formal hand-over of privatised PHCN companies would bring the life of the state-owned utility to an end.

 

Read more...