Gencos Lose N2.2trn to Stranded Capacity Amid N5.6trn Debt
New data reveals that Generation Companies (Gencos) in Nigeria have lost N2.2 trillion due to stranded power capacity amidst a staggering N5.6 trillion debt in the electricity sector. The Association of Power Generation Companies (APGC) highlights the persistent structural failures in the industry, with a significant portion of generated power remaining unused due to technical and financial constraints.
The country's power generation capacity far exceeds the actual supply due to transmission and distribution challenges, leading to substantial financial losses for Gencos. The mounting debt owed to power plant owners raises concerns about the stability of the national grid and the sustainability of electricity supply in Nigeria, emphasizing the urgent need for structural reforms in the sector.
Plus234Feed summary based on reporting from This Day. Read the original report below.
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