GENCOs raise alarm over delay in releasing CBN’s N213bn fund, others

With the continued poor supply of power in Nigeria, the Electricity Generation Companies, GENCOs, have made a strong case for the injection of additional funds into the sector. In its proposal sent to the government, the Association of Power Generation Companies, APGC, highlighted the many challenges in the sector, including lack of liquidity and options to tackling them.

Specifically, the proposal signed by Dr. Joy Ogaji, the Executive Secretary, Association of Power Generation Companies, stated the following needed to be urgently addressed, “Expediting the process of payment of the outstanding balance due to GENCOS under the CBN N213bn Electricity Market Stabilization Facility.”

“Payment of the outstanding for January 2015 (invoice unpaid with MO before (TEM), and outstanding/unpaid invoices from Feb 2015 to December, 2016 with accrued interests. Payment for available capacity for the period 2015 February to date and payment for deemed capacity for the period 2013 to date.”

Source: Vanguard

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