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NERC’s deadline to DISCOs for N10b remittance ends today

By on December 5, 2013

The Nigerian Electricity Regulatory Commission (NERC) gave yesterday owners of Electricity Distribution Companies (DISCOs) today as deadline to make their outstanding N10billion remittance to the electricity Market Operators (MO) for the sale of electricity.

NERC Chairman Dr. Sam Amadi, who handed down the ultimatum in Abuja, said only Eko, Ikeja and Kaduna DISCOs had as at Monday remitted N2billion to the MO.

He said he had no apology for the tariffs the commission has so far fixed, which according to him, are not too exorbitant.

Amadi however noted that by tomorrow, the commission would verify and attest to all the payments.

He recalled that NERC had about two days ago, written letters to notify the DISCOs on the deadline.

He said: “We have also issued letters about the DISCOs to Market Operators. As at Monday, only Eko, Ikeja, and to some extent, Kaduna had remitted what they are supposed to remit to the Market Operators. Yesterday (Wenesday), we wrote a letter informing the operators that they are under obligation by the license to make all remittances to the Market Operators and we have given a deadline of Thursday (today) 4.00pm for all DISCOs to remit all their statutory remittances to the market operators accounts.

“And we have also indicated that every DISCO that has removed the mandate of the Market Operators has to restore it back into the account for market settlement. “And we expect that by Friday (tomorrow), the verified and attested bank settlement from all the DISCOs should have got to NERC for us to verify that such remittances have been made. So the copies of the letters have been sent to the DISCOs. “

On how much has so been remitted, Amadi said:“The Market Operator is the one that is daily receiving these remittances. So I would assume that the Market Operator’s Office will have up to date report. But as at Monday, the report from the Market Operator is that only about N2billion has been paid and N10billion is outstanding. But you can cross check with the Market Operator because as we speak now, there may be remittances.”

The chairman however announced that following last week’s meetings with the new owners of the PHCN entities and other stakeholders, NERC has approved the Interim Rule of the sale of electricity before the declaration of the electricity Transition Market.

 

 

[The Nation]