NBET to increase power supply to 5, 500MW in 2023

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The Nigerian Bulk Electricity Trading PLC says it plans to increase power supply to 5, 500 Megawatts (MW) in 2023 to boost electricity in the country.

The Managing Director (MD)of NBET, Mr Nnaemeka Ewelukwa said this on Wednesday in Lagos at the 2nd Capacity Workshop for Power Correspondents, Civil Society and other Stakeholders.

Ewelukwa said that NBET’s board headed by the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed has endorsed the repositioning of the company.

According to him, the repositioning is to make NBET become a market enabler/facilitator to allow it expedite market growth to “point of self-sustaining.

He said: ”NBET is putting in a place a lot of initiatives that will improve power supply in the country.

”Under the first phase of such initiatives, it is expected that the Nigeria Electricity Supply Industry will be able to to generate , transmit and distribute 5, 500 MW and this power will be paid for.

”Following the success of this trial phase. a further 1,000 MW will be added to the activated contracts in the following year bringing the total to 6,500MW.

” This will improve capacity of the Electricity Distribution Companies (DisCos) on incremental basis.”

Ewelukwa said that NBET would also establish a comprehensive Data hub which will provide critical information on electricity, gas customers and their geographical locations in the country.

The MD said that the hub would be a catalyst for investment decision making for emerging industries such as manufacturing of electric vehicles and solar panels.

”NBET will also promote bilateral trading between Independent Power Plants (IPP) and commercial/industrial customers through an automated energy trading platform/exchange.

” With multiple energy brokers playing a key role in linking energy suppliers and customer registered on the platform, ”he said.

Ewelukwa said that the workshop was put in place to share with the media and other stakeholders the functions and progress made by NBET.

He said that the workshop was also to brainstorm and provide room to improve on what NBET was doing in the NESI.

” This is to enable us get feedback from the media and civil societies, where we are getting it right, you commend us and we you think we can improve, draw our attention to it.

”This will provide us an avenue to improve the welfare of the country through stable electricity supply, ”he said.