The Nigerian Bulk Electricity Trading Plc (NBET) has begun moves for licence renewal with the Nigerian Electricity Regulatory Commission (NERC) to continue its operations as the bulk trader of electricity in the country.
The development comes months after NERC barred NBET from entering into new electricity contracts.
In July NERC directed NBET to cease entering into new contracts for the purchase and resale of electricity and ancillary services in the Nigerian Electricity Supply Industry (NESI).
Incorporated on 29 July 2010 and fully owned by the federal government in accordance with the Electric Power Sector Act, 2005, NBET acts as the principal purchaser of electricity from generating companies.
The company acquires power through a Power Purchase Agreement (PPA), which sets out the terms and conditions for transactions between these generating companies and NBET.
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