Connect with us

News

NBET to deploy automated energy trading platform for power sector

Published

on

NBET to deploy automated energy trading platform for power sector

The Nigerian Bulk Electricity Trading (NBET) says it plans to deploy an automated energy trading platform/exchange to promote bilateral trading between Independent Power Plants (IPPS) and commercial/industrial customers in 2023.

The Managing Director of NBET, Mr Nnaemeka Ewelukwa, disclosed this in a document titled, ‘Actualising Enhanced Electricity Supply and Commercial/Industrial Decarbonisation in Nigeria,’ made available to newsmen in Abuja.

Ewelukwa said that the platform would have multiple energy brokers playing key roles in linking energy suppliers and customers registered.

According to him, the IPPS wishing to sell power can register on the platform and immediately have access to a comprehensive database of commercial/industrial customers across the country, and their energy requirements.

He listed those that would be involved in the platform to include: Commercial and industrial customers and industrial clusters; generation plants; transmission and distribution networks.

Others are Gas pipeline networks; energy locations, including solar irradiation, wind and mini-hydro potentials.

“The platform will efficiently link sufficient numbers of buyers and sellers thus facilitating price discovery.

“With price discovery, energy buyers and sellers have the assurance that they are purchasing these commodities at fair prices in a reliable marketplace.

“It will also ultimately enhance the overall visibility of tariffs, capacity availability, costs and prices along the energy value chain, which will aid buyers and sellers in undertaking transactions,” he said.

Ewelukwa said that the platform would facilitate private investments in the transmission/distribution network in order to fully bridge the infrastructure gap between electricity demand and supply.

According to him, it will also reduce the technical, commercial and collection losses in the system.

He said that the platform would also promote business partnerships involving customers, IPPs, the Transmission Company of Nigeria and the Distribution Companies.

Ewelukwa also said that a comprehensive interactive map would be developed by NBET, which will show the geo-locations of the facilities within Nigeria and the ECOWAS sub-region.

He said that the interactive map would facilitate transaction structuring by willing buyers and sellers, and network investment coordination.

It would also guide investment decision-making, and facilitate greater policy planning and efficient resource planning.

Ewelukwa said that the Securities and Exchange Commission, Nigerian Electricity Regulatory Commission (NERC), as well as the Nigerian Midstream and Downstream Petroleum Regulatory Authority were being engaged by NBET.

“The Federal Ministries of Power; Finance, Budget and National Planning; Industry, Trade and Investment; as well as the media and Civil Societies Organisations (CSOs) were being engaged

“NBET was interfacing the Manufacturers Association of Nigeria (MAN), Nigeria Employers Consultative Association Chambers of Commerce, Industry, Mines, and Agriculture, Nigeria Association of Small Scale Industrialists; and Nigeria Association of Small and Medium Enterprises,” he said..

The managing director said that the administration of the Power Purchase Agreements (PPAs) and vesting contracts by the agency had resulted in electricity payments worth N5 trillion from February 2015 to date.

According to him, the Azura Power Plant in Edo, the first financed power project in Nigeria, heralded an investment of close to 1 billion dollars.

Ewelukwa also said that NBET had executed PPAs with 14 solar Independent Power Projects (IPPs) for one gigawatt (1GW) of electricity.

He said that acting as the anchor for the Federal Government of Nigeria-World Bank Power Sector Recovery Programme (PSRP), NBET made the World Bank make available $750 million for the Power Sector Recovery Operations (PSRO) loan.

He said that the agency was instrumental to FGN’s budgetary appropriation in addressing tariff shortfalls in the electricity market.

Ewelukwa listed other milestones achieved by NBET including the facilitation of the privatisation of generation companies (GenCos) through PPAs with core investors.

“Others are the 2.5 billion dollar privatisation of GenCos and DisCos (2013). Facilitation of Afam Power Plc and Afam the three Fast Power limited (N105.3 billion; 343.6 million billion

“The successful and transparent management of the N1.3 trillion payment assurance facility that aided a 30 per cent increase in the highest peak generation ever attained.

“From 4500MW (February 2015) to 5,800MW (March 2021), due to capacity recovery by generation companies,” he said.

(NAN)

NBET to deploy automated energy trading platform for power sector

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Headlines

NAPTIP to establish command in FCT to tackle violence, SGBV cases

Published

on

NAPTIP urges stiffer penalties for rape

The National Agency for the Prohibition of Trafficking Persons (NAPTIP) says it is proposing the establishment of a command in the Federal Capital Territory (FCT) to tackle cases of Violence against Persons (VAP).

The Director-General of the agency, Mrs Binta-Adamu Bello, disclosed this on Monday in Abuja during the 2024 stakeholder’s coordination meeting on implementation of the Violence Against Persons Prohibition (VAPP) Act 2015 and corresponding state laws.

The News Agency of Nigeria (NAN) reports that the meeting was supported by Ford Foundation to commemorate the first day of the 2024 Global 16 Days of Activism, an annual campaign to challenge violence against women and girls.

The NAPTIP boss said that the establishment of the FCT command would further solidify the agency’s commitment toward eradicating social menace, especially with the issue of Sexual and Gender-Based Violence (SGBV) in the nation’s capital.

According to the NAPTIP boss, it is expected that the command will enhance quicker response to SGBV cases, improve coordination among stakeholders, provide specialised support services for survivors and strengthen investigation and prosecution.

She said that the command would serve as a model for other states and strengthen stakeholders’ collective efforts to eradicate SGBV within the FCT, while inviting the stakeholders’ input and expertise in facilitating the move.

She said “I have strong conviction that we will leave here with renewed vision toward eradicating the ills associated with violence against persons and in turn, make the country safer and more habitable.

“It is gratifying to note that this meeting is holding on the first day of the Global 16 Days of Activism, which is an annual campaign to challenge violence against women and girls.

“The theme for this year is “Towards Beijing +30: Unite to End Violence against Women and Girls”, which resonates with the 30th anniversary review of the implementation of the Beijing Declaration and platform for action.

“At this point, I must commend the efforts of Ford Foundation for graciously supporting this meeting under the project “Strengthening Government Approach in Preventing and Responding SGBV.”

She reiterated NAPTIP’s commitment to work with states, the mandate Secretary of the Women Affairs Secretariat of the FCT and Civil Society Organisations to implement laws that abhor

Violence against women and girls.

Mrs Tolulola Odugbesan, the acting Director, VAP Department, NAPTIP, said that the coordination meeting was an opportunity for stakeholders to connect, proffer guidance, reflect on concerns, review successes and identify gaps.

She added that the meeting was also to discuss challenges, assess the level and effectiveness of intervention efforts and proffer recommendations and far-reaching strategies associated with the implementation of the VAPP Act 2015.



 

Continue Reading

Headlines

Plateau to organise free medical care for 200,000 residents

Published

on

Appeal Court sacks Mutfwang as Plateau governor

The Plateau Government says it has concluded arrangements to organise free medical care for 200,000 residents.

The Commissioner for Health, Dr Cletus Shukuk, made the disclosure on Monday in Jos at the official launch of “Project 10 Million; Know Your Number, Control Your Number.”

Shukuk explained that the free medical care was basically screening for hypertension and diabetes, which were non-communicable diseases.

The commissioner stated that the programme was a comprehensive intervention strategically in line with the national campaign of the Nigeria Health Commissioners Forum to combat the rising prevalence of non-communicable diseases.

According to him, the project would provide immediate counselling and referral and would also link newly diagnosed patients to treatment facilities.


Shurkuk further said that the increased public awareness would be carried out on hypertension and diabetes.

“The project would support the creation of a hypertension and diabetes register and, in turn, improve data collection, which would enhance health care policies and planning.

“The screening will be conducted in the 17 local government areas and will be done in selected primary and secondary health care facilities.

“I wish to call on the people of the state to avail themselves for the screening exercise to enable them to know their blood pressure and blood sugar level status,” he advised.

The News Agency of Nigeria (NAN) reports that Mrs Helen Mutfwang, the wife of the governor of Plateau, was made the ambassador of the “project 10 million.”



 

Continue Reading

Headlines

Minimum wage: LG boss lauds Oyebanji for approving N70,000 for workers

Published

on

Minimum wage: LG boss lauds Oyebanji for approving N70,000 for workers

Mrs Clara Bamisile, the Chairperson, Oye Local Government Area in Ekiti State has commended Gov. Biodun Oyebanji for approving the N70,000 minimum wage for workers.

Bamisile gave the commendation in an interview with the News Agency of Nigeria (NAN) in Oye-Ekiti on Monday.

She described the governor’s decision as the right step in the right direction towards reducing financial burden for civil servants and making cost of living affordable for them.

According to her, Oyebanji has proved to all Ekiti indigenes that he is a good and compassionate leader, who cares for the wellbeing of his people.

“I want to commend our amiable governor, Mr Biodun Oyebanji, for approving the N70, 000 minimum wage for civil servants in Ekiti.

“He has proved to all Ekiti indigenes that he is worthy, passionate, caring and a good leader, who is ready to make his people happy as we approach yuletide.

“It is a testimony that our governor is ready to make cost of living affordable for our people, and he will not relent to do more if given a chance.”

She urged both Ekiti indigenes and residents to consider Oyebanji for a second term in office to continue his good works.

Bamisile enjoined the civil servants to be diligent in their various departments to justify the salary increment

Continue Reading

You May Like

Copyright © 2024 Acces News Magazine All Right Reserved.

Verified by MonsterInsights