Power Generating Companies (GenCos) have demanded the payment of outstanding balances for the energy they supplied to the Distribution Companies (DisCos) for over 24 months between 2015 and 2016.

The Association of Power Generating Companies (APGC), in a statement by its Executive Secretary, Dr. Joy Ogaji, last weekend, listed six demands that will enable the GenCos to operate comfortably.

These are; expediting the process of payment of the outstanding balance due to GenCos under the CBN’s N213bn Electricity Market Stabilisation Facility (EMSF) and payment of the outstanding for January, 2015.

“Outstanding/unpaid invoices from February, 2015, to December, 2016, with accrued interests; payment for available capacity for the period February, 2015, to date; payment for deemed capacity for the period 2013 to date,” it noted.

The last demand was that the Federal Government must put in place an effective financing plan upon the exhaustion of the N701bn payment assurance facility to sustain payments of generation invoices till 2021, when Federal Government projects that the power sector would be self-sustaining.

Source: Daily Trust