Nigerian Bulk Electricity Trading Plc has formally requested the renewal of its operating licence from the Nigerian Electricity Regulatory Commission, emphasizing its significant contributions to the power sector.
NBET’s current licence is due to expire on November 21, 2024. The company is seeking an extension of five years.
The request was presented during a public hearing held by NERC in Abuja on Thursday, according to The Punch.
In his address, NBET Managing Director Johnson Akinnawo underscored the company’s achievements and its ongoing role in the electricity market.
“NBET has transparently managed a contracts portfolio with an annual trading volume over $2bn,” he said.
Akinnawo highlighted the company’s pivotal role in the power sector.
He noted that NBET has attracted nearly $1 billion in greenfield power generation investment and played a key role in managing the privatisation of Power Holding Company of Nigeria assets.
He also emphasized NBET’s critical function in facilitating private sector investment through Power Purchase Agreements and Vesting Contracts.
“The execution of these agreements paved the way for about $2.5bn in investments in Gencos and Discos,” he noted, adding that NBET envisions a self-sustaining electricity market driven by private investments.
NERC Commissioner, Dafe Akpeneye, acknowledged the importance of stakeholder input in the licence renewal process.
“The commission doesn’t believe that we know it all.
Given how the industry is changing and evolving, it’s important that we get critical stakeholders’ input into NBET’s request,” he said.
The Managing Director of Azura Energy, Edu Okeke, expressed support for extended licence renewal, stating, “No investor will agree to invest long-term if NBET licence is only renewed for five years.”
