In a bid to curb the poor remittances of power market funds by distribution companies, the Nigerian Electricity Regulatory Commission is to set up mechanisms to rectify the Discos’ unruly financial behaviours by monitoring the monthly financial inflows into the country’s power market from the power distribution firms, THISDAY learnt at the weekend.
“The presidential initiative will put an end to all this rubbish because there will be cashless collection and billing – an automation system that will ensure that you won’t have to deal with all these. It is just like when you put your money in the bank it would be known. The central bank knows how much you put in the bank and that will enable the NERC to know how much you have,” the source stated.
It said the terms of the licences they breached bordered on their execution of the 2016 to 2018 minor review of the Multi Year Tariff Order and the minimum remittance order for 2019, adding that it had written to the Discos and was ready to give them up to 60 days to convince it not to revoke their licences.
He also said the regulator was not at war with the Discos but wanted to prevent operations in the power market from getting chaotic.
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