Power generation companies are now getting about 80 per cent of the payments required by them to function properly, as against the previous situation where they get less than 30 percent of their monthly invoices.
It was gathered that this became possible following the Federal Government’s intervention in the sector after it released the N701 billion Power Intervention Fund to pay for gas by the generation companies.
The Managing Director, Niger Delta Power Holding Company, Chiedu Ugbo, explained that the actual payment from the power market was still low, but noted that with the payment for gas by the government, the Gencos were now technically getting about 80 percent of their invoices paid.
Ugbo spoke at an interactive session with journalists in Abuja on Tuesday.
