Power crisis worsens as GenCos shut plants

Power outage has worsened in Nigeria as power generation companies (GenCos) have shut down operations in the face of a growing debt burden amounting to about N6.8 trillion.

According to a report by Bloomberg, 16 of Nigeria’s 33 power plants were not supplying electricity as of Tuesday, citing data from the Nigeria Independent System Operator, NISO.

The affected plants are impacted by their inability to maintain equipment, secure gas supplies, and meet basic operational expenses.

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The liquidity generation sub-sector further mirrors the challenges in the sector across the Nigerian Electricity Supply Industry, according to Joy Ogaji, Chief Executive Officer of the Association of Power Generation Companies, APGC.

She stressed that adequate financial generation sub-value for the country will no longer be able to provide services to Nigerians.

“We cannot maintain the machines,” Ogaji said, adding that without adequate funding, equipment cannot be serviced, underscoring the severity of the cash flow crisis confronting the sector.

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“Money for hand, light for house, gas for pipe. This is more than an industry issue. It is an economic imperative.

“Reliable power is the backbone of industrialization, job creation, and national development. The time to act is now,” she said.

It was earlier reported that GenCos and gas suppliers had threatened to halt supply over debt amounting to N3.3 trillion.