The Federal Government on Thursday commenced the process for the amendment of the market rules to guide the operations of the privatised power sector and to ensure that the transition electricity market comes into force by March 1, 2014.
It stated that the interim rules for the current market operations were still being reviewed in collaboration with the new owners of the power firms.
At a workshop organised for stakeholders on the review of the market rules, the Minister of Power, Prof. Chinedu Nebo, said the government would ensure that the right rules were put in place before the declaration of the transition electricity market.
Nebo, who was represented by his Senior Special Assistant, Prof. Chidiebere Onyia, said the Nigerian Electricity Regulatory Commission would be able to advise the government efficiently when the right rules were in place.
He said, “We are trying to ensure that certain things are put in place before the declaration of the transition electricity market.
“This is one of those things that should be in place before the commission (NERC) can advise the minister of power to declare the transition electricity market. Right now, we are looking at March 1, 2014.”
Nebo expressed delight over the review of the interim rule, adding, “I am happy that the interim rule is being reviewed, but more importantly with the contributions of stakeholders and all of you here.”
The Chairman, NERC, Dr. Sam Amadi, noted that while the market rule was being reviewed, the interim rule had been drafted and would soon be ready, stressing that this would guide the new investors during the interim and market-testing period.
Information from Punch was used in this report.