By Musa Adamu
The management of Mainstream Energy Solutions Limited (MESL), owners of Jebba and Kaiji hydroelectric plants said the companies have lost about N6.5 billion to unutilized power.
Addressing the media on the challenges faced by companies, Managing Director, MESL, Engr Lawu Audu, said he was however thankful to the federal government for making pronouncement on the eligible customers.
He said the company loses about 600mw monthly due to inqblity of the DisCos to take up all the energy they produce.
He said nobody refunds the revenues lost when they had to shut down on the directive of the National Control Center (NCC) due to inability of DisCos to utilise all the energy produced, even it was not fail of theirs.
He said at this rate, the will to invest more would be lost.
He said with the pronouncement on the eligible customer, GenCos could now sell their energy directly to customers without going through the NBET or DisCos.
He said the move would open up the market, solve liquidity problem of the GenCos and revive moribund manufacturing companies.
He said: “I must however, commend government for the bilateral agreement for the sell of power to eleigle customers. The pronouncements will take care of our persistent complain of lack power utilisation. We can now go and look for customers ourselves without relying on NBET or DisCos.
“As long a customer is willing to pay we will now sale our product/directly to it. We have so far signed six bilateral agreements. We are just going to conclude with the TCN on how we will deliver to them.”
Disclosing the revenue collection level of the company, Engr Audu said the company was being owed about N81billion, saying the level of debts owed the GenCos was incapacitating them.
He said the time they were paid from the 701billion stabilisation gurtantee fund was in December, 2017.
“Even the 701billion only guarantees 80% which means we have shortfall of 20% every month.”
Speaking on why GenCos are Court with government, he listed the inability of the government to keep faith with the payment from stabilisation guarantee fund and its decison tontreat Azura differently.
He said when the negotioan foe the fund was made Azura was not part of it, saying the inclusion of Azura meant the fund would no linger last for up to eight months.
“That is not all, they also said the Azura would be paid as first line charge
“We believe this is not fair because we took more risks having invested in the last four years recovering energy that was never there and when people never believed in the privatisation exercise.”