The federal government yesterday said that the Power Holding Company of Nigeria (PHCN) will formally cease to exist once the proposed Transitional Electrical Market (TEM) is declared in few weeks time.
Minister of Power Prof. Chinedu Nebo disclosed this in Abuja after the inauguration of a 10-man management team of the newly created Electricity Management Services Limited (EMS).
While expressing optimism that the formal handover of privatised PHCN companies will bring the life of the state-owned utility firm to an end, Nebo explained that though the PHCN was no longer functional, there would be a formal handover in few weeks time, a development which will formally send the PHCN packing.
He stressed that the PHCN has functionally seized to exist following the privatisation of its successor generation and distribution companies, and would finally go into extinction when TEM is officially declared based on the anticipated advice of the Nigerian Electricity Regulatory Commission (NERC).
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