Electricity: GenCos warn of imminent shutdown over N4trn debt
POWER generation companies, GenCos, yesterday warned that power plants across the country were facing imminent shutdown over a huge N4 trillion debt owed by the Federal Government. The GenCos in a statement issued by the Board of Trustee Chairman, the Association Power Generation Companies, APGC, Col. Sani Bello, said they were currently owed N2 trillion for power supplied in 2024 and N1.9 trillion in legacy debts. The companies noted that plants were being paid less than 30 percent of monthly invoices for power supplied to the national grid. The companies stated: “It is no more news that the power generation companies have continued to bear the brunt of the liquidity crisis in the Nigerian Electric Supply Industry (NESI). “GenCos on their part as responsible investors with patriotic zeal have made large-scale investments and have continued to demonstrate absolute commitment by ramping capacities in line with their contract these over (10) years, amid system constraints, pol...