Nigerian Bulk Electricity Trading (NBET) yesterday, said it paid over N42,486,673,723.75 to the Generation Companies (GenCos) for November 2021 Payment Cycle for grid-distributed electricity.

Head, Corporate Communications of NBET, Henriettta Ighomrore, in a statement, said the   payments were made last week to GenCos for electricity delivered to the national grid during the period.

According to her, the payment was a combination of market receipts and supplementary payments from Distribution Companies (DisCos) made to NBET. “DisCos and GenCos payments are based on the electricity market settlement statement. Market Settlement Statements are issued in arrears by the Market Operator (MO) following a period of 28 days after a cycle.

The MO takes the readings of the various meters via the grid network to determine the quantum of electricity supplied to the grid by generation companies into the national pool, which is then wheeled via the transmission network to the distribution companies and subsequently to end-users.

The settlement statement forms the basis of invoicing and processing of payments to the GenCos” she said, adding that NBET has continued to ensure timely payments to generation companies for energy generated and distributed to end-users via the grid despite the average market performance of DisCos.