The Nigerian Electricity Regulatory Commission (NERC) has renewed the trading licence of the Nigeria Bulk Electricity Trading PLC (NBET) for three years.
A statement from NBET said this followed a review of NBET application and corporate business plan.
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The NBET is set up as a creditworthy off-taker of bulk electricity distributed via the grid to consumers. NBET’s initial license was for a 10year period which ended this November, while the three-year license begins.
NBET is set up to undertake the business of managing and trading in wholesale electricity as a bulk purchaser and bulk reseller of electricity and ancillary services pursuant to the Electric Power Sector Reform Act (EPSRA) 2005.
NBET was set up in 2011 to buy bulk power and provide guarantee for the privatised power sector since 2013.
The agency is to operate within this period until the Nigerian Electricity Market (NEM) moves from the current Transition Electricity Market (TEM) moves to a full competition stage where Generation Companies (GenCos) can sell power directly to Distribution Companies (DisCos) on full contract terms without the middle player like NBET.