The Chief Executive Officer of the Nigerian Bulk Electricity Trading Plc, Mr Rumundaka Wonodi has said that eight out of the 11 electricity distribution companies have posted letters of credit for guaranteed transaction with the energy broker.
This, he said will in the next few months result to significant boost in the energy generation and distribution market in Nigeria.
Rising from the Electricity Bulk Traders board meeting for the year, Mr Wonodi said efforts were on to ensure adequate regulation of electricity tariff paid by consumers, noting that this was one of the major challenges faced in electricity distribution in Nigeria.
He also said that the transitional electricity market recently launched in the sector will ensure that the shaky period which is currently being faced will even out soon including the major challenge of vandalism which has affected electricity generation in recent months.
The Chairman of the Commission, Dr. Sam Amadi, said the reduction, which takes effect from the end of March, follows the regulatory agency’s decision to remove collection losses from customer tariff under the multi-year tariff order.