The Nigerian Bulk Electricity Trading PLC (NBET) said it has sealed a partnership with Turkish firm, Energy Exchange Istanbul (EXIST) on knowledge exchange.
In a statement by NBET, it said the pact signing which was done at EXIST campus in Maslak, Turkey, was witnessed by NBET board chair and Minister of Finance, Budget and National Planning, Zainab Ahmed.
NBET said it currently manages a portfolio of over 13,000 megawatts of electricity in Nigeria, serving a middle buyer for generated power on the national grid.
Speaking, Ahmed said, “EXIST has reached an admirable stage. We also want to establish electricity markets by providing the necessary transformation in our country. We want to cooperate with you on this journey by walking hand in hand.”
The CEO of NBET, Dr Nnaemeka Ewelukwa, said: “The key aspects of the cooperation would see NBET strategically leveraging cutting edge technology to chart a new course in its commercial transactions in the electricity market.”
He said NBET would also synergise with EXIST to develop a framework for expanding renewable energy investments in Nigeria.
Part of the terms involves the transfer of experience and business knowledge, and the design of a functional trading structure for the Nigerian Electricity Supply Industry from the Turkish firm.
Besides researching, EXIST will assist NBET to design implementation strategy and plan for improved power trading just as NBET officials will understudy the Turkish experience and energy transition.
“The two parties will work towards establishing a renewable energy support scheme like the Turkish experience. Furthermore, both parties will work on developing necessary feasibility studies to establish the energy exchange,” NBET said.