NERC said that electricity distribution companies (DisCos) can now purchase electricity directly from generation companies (GenCos) without NBET acting as an intermediary.
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The order, according to the commission, shall remain in force until amended or revoked by a subsequent order issued by the commission. “Any contract executed by NBET in violation of this order shall not be approved by the commission and shall be treated as an infraction that is subject to regulatory sanction,” the commission said.
“All other power plants with “take and pay” PPAs or interim energy sales agreements with NBET are hereby granted 60 days from the commencement date of this order to negotiate and contract with DisCos on a bilateral agreement basis the capacity currently with NBET ,” it said.PREMIUM TIMES had last week reported that the administration of President Bola Tinubu may be contemplating the dissolution of NBET following the expiry of its current operating licence.
In a circular dated 23 July, seen by this publication, Mr Adelabu informed Mr Ewelukwa that his four-year tenure would not be extended. The notice was given in response to Mr Ewelukwa’s letter notifying the minister about the imminent expiration of his tenure and possible consideration for a second term.For a smooth and seamless transition, the minister directed Mr Eweluka to hand over to the most senior general manager in the company by 24 July.
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