The Transmission Company of Nigeria (TCN), says that the federal government has approved N600billion for electricity market to boost power supply.
Edmund Ejie, the Market Operator of TCN said this on Wednesday in Abuja, at the 3rd quarter Participants and Stakeholders Interactive forum for 2019.
The forum has as its theme: “Rules Compliance for Nigerian Electricity Market (NEM) Development and Sustainability”.
Mr Ejie said the intervention by the federal government was at a very advanced level, adding that it had already been signed by President Muhammadu Buhari.
According to him, the intervention is for the payment of the shortfall in electricity invoices for the entire market.
“The whopping sum of money has never been injected into the power sector before but even when it is privatised, the government is spending more telling you that the privatisation is given a red flag.
“The fund will be ready for disbursement any moment from now.”
He explained that the intervention was not restricted to a single chain in the market, as it was holistic.
Usman Mohammed, the Managing Director of TCN said that one of the factors that would make the Nigerian Electricity Market Participants thrive was by complying with rules, codes and orders.
Mr Usman said that there was a need for the operators to be proactive in recognising that regulatory and standard compliance was the key to market development.
“The theme of the event reflects the growing recognition, concern and importance of regulatory compliance and ruling documents implementation.
“Today’s interactive forum is part of the Market Operator effort to support you and improve the market performance,” he said.
He said that the forum was to access the market performance, changes and their impact on the market participants’ readiness and challenges, predict what lies ahead and to determine compliance to rules or lack of it.
Mr Mohammed said that TCN had commenced the provision of Automatic Meter Reading (AMR) in all trading modes in the country provision.
He said that TCN also plans to establish a lasting Supervisory Control and Data Acquisition (SCADA) equipment and facilitating the operational audit of both the System and Market Operator. (NAN)