Bayo Adelabu, the Minister of Power, on Thursday, 1st of February, 2024, held a meeting with power Generating companies (GENCOs) and Distribution companies (DISCOs) to address the ongoing issue of blackouts in parts of the country.
Adelabu shared photos from the meeting and a statement on his X handle on Friday, 2nd of February, 2024.
Part of his statement reads:
“Yesterday, I had crucial discussions with power Generating companies (GENCOs) and Distribution companies (DISCOs) to address the ongoing issue of blackouts in parts of our country. Power supply during the yuletide improved, but unfortunately, we’ve experienced setbacks in the new year.
“After investigations, it’s clear that the main cause of poor power supply is the low supply of gas to GENCOs. Visited facilities in Olorunshogo, Ogun State, and Omotosho, Ondo State to understand the challenges firsthand. Resolving the gas supply issue is our top priority.
“During our meeting, we also addressed the indebtedness to GENCOs by Nigeria Bulk Electricity Trading Company (NBET). While acknowledging the sector’s liquidity challenge, we are working on validating the debt and determining a fair resolution.
“I emphasized the importance of GENCOs establishing contractual arrangements with gas suppliers to ensure a steady gas supply. Recognizing concessions may be needed, I assure you that we are committed to working on this to stabilize the power sector.” [CONTINUE READING HERE]>>>>
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