Few months after federal government handed over former Power Holding Company of Nigeria, PHCH, unbundled electricity companies to investors, chief executives of most privatised power firms are bemoaning loss of revenue.
The operators who met with the Minister of Power, Prof Chinedu Nebo in Abuja yesterday at the headquarters of the Nigerian Electricity Regulatory Commission, NERC, during a facility tour, complained over the problem of gas to power, saying that they were ultimately at the loose end.
Speaking on behalf of Gencos owners, managing director/CEO, Egbin Power Plc, Mr. Mike Uzoigw, said that his company recorded many losses since it was physically handed over to its current management on November 1, 2013.
According to him, “Although the management had invested about N7bn in strengthening the plant to perform optimally, it had lost revenue to tune of about N570m from November 1, 2013 till date.”
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