Witness narrates how Ex-HoS, allies diverted public funds to private companies in court
GenCos boost Power generation by 4,000megawatts
By Adekunle Badmus
Power Generation Companies (GenCos) in Nigeria have said they have raised power plants’ capacity by 4,000 megawatts (MW) seven years after the privatization and despite being owed over N600 billion debts.
Speaking against the call for the traversal of the 2013 power sector privatization made recently by the Senate President, the GenCos’ operators said: “On our part, GenCos have made large scale investments and taken business risks in the power sector and fulfilled all aspects of obligations as stated in the stipulated terms and guidelines at inception in November 2013.”
The executive director of the Association of Power Generation Companies (APGC), Dr. Joy Ogaji, in a statement on Monday, said the GenCos have continually operated at their maximum available capacities despite national grid constraints, huge debts by the Federal Government and failure of government agencies and other operators in the value chain to honour their commitments.
As at the takeover of the assets on November 1, 2013, the GenCos and government signed the Power Purchase Agreement (PPA), Gas Supply Agreement (GSA), Gas Transportation Agreement (GTA) and the Grid connection agreement.
