Power Stakeholders Warn Of Blackout Over N601bn Debt Owed Investors

Stakeholders at the Nigeria power panel session at the ongoing Nigeria Oil and Gas Conference (NOG) 2017, which began in Abuja yesterday, have warned of a looming nation wide blackout soon over the latest reconciled N601 billion debt profile owed operators across the power sector value chain, The Sun reports.

The N601 billion debt is owed generation, distribution and transmission arms of the power sector, excluding gas producers. Managing Director and Chief Executive Officer of Mainstream Energy Solutions Limited, Mr. Lamu Audu, regretted that only 20 per cent of the energy value chain is being paid for. He also explained that the forex challenge remained a major bottleneck for power investors given the fluctuating exchange rate.

The Managing Director of Sahara Power, Mr. Kola Adesina, lamented that the paucity of funds for power investors remained a stumbling block to its growth. He said the inability of consumers to pay for power consumed ultimately affects payment to gas producers, gencos and the transmission firm. He added that constant attacks on gas infrastructure by agitators remained an issue that government must address for the sector to move forward.

Source: Energymix

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