By Adeola Yusuf (Lagos) and Obas Esiedesa (Abuja)
Owners of the privatised companies of Power Holding Company of Nigeria (PHCN) on Wednesday lamented that the reality of the companies are significantly different from what they expected when they paid hundreds of millions in dollars for the utility firms.
The investors, who spoke at a meeting with the Nigerian Electricity Regulatory Commission (NERC) in Abuja, noted that electricity consumers are refusing to pay their bills in the belief that they are not expected to do so until January next year.
The chief executive officers of Kano Disco, Benin Disco and Geregu Power Station noted that NERC should concentrate on solving the problems rather that calling for the business plans of the companies.
Kano CEO, Jamil Gwuamna, explained that the company was struggling to meet up with its financial obligations because the load allocated to it was too small.
He said: “In terms of complying with rules especially those in MYTO, the reality on the ground in Kano Disco is that all the assumption in the MYTO model has been turned upside down.
“Load allocation to Kano is so bad that for the last three days we are getting as low as 40mw to cover Kano, Jigawa and Katsina states. Not only that about 20mw will go to Niger Republic.
“How on earth will I make money? We are not even near the assumption of MYTO because MYTO say I should be allocated 8 per cent of the total generation capacity; that means if the generation is 2,000mw, Kano should be allocated at least 160mw.
No comments:
Post a Comment