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‘Tying access of N600bn power fund to new 0.75% admin charge on gas Greek gift’

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Body of power generation companies (Gencos) under the auspices of Association of Power Generation Companies (APGC), has rejected the sudden introduction of 0.75 percent ‘unregulated’ administrative charge for gas supply transactions being introduced by the Nigerian Bulk Electricity Trading Plc (NBET).

The group, though its Executive Secretary Dr. Joy Ogaji said Gencos are by the introduction, left with no other option than to poll-out from accessing the fund and further declare a force majeure action to quit business.

She argued that making the new charge a condition precedent for the GenCos to draw from the N600 billion would rather than cushion the liquidity crisis in the power sector, create more financial burden.

Already, about 24 thermal power plants have signaled intention to quit what they described as a draconian intervention which is likely to cause drop power generation capacity to 5,266 megawatts (MW) from around 6,691MW produced by 27 GenCos.

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