FG develops trading platform for power firms, consumers

The Federal Government has announced that in 2023, power generation, distribution, and transmission businesses, gas providers, and consumers will utilize an automated energy trading platform to execute electrical transactions.Information Guide Nigeria

The government stated that the platform would promote an automated and transparent marketplace and serve as a means for concluding bilateral energy contracts using standard contract templates.

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Nnaemeka Ewelukwa, managing director of Nigerian Bulk Electricity Trading Plc, gave this information in a presentation titled “Realising Enhanced Electricity Supply and Commercial/Industrial Decarbonisation in Nigeria.

In the document, which was obtained by our correspondent in Abuja on Wednesday, Ewelukwa stated that, as the market developed, the platform would also serve as a spot market for real-time energy trading.NYSC portal

Ewelukwa stated that the interactive map would benefit buyers and sellers in structuring transactions.

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In addition, it would improve network investment coordination, assist investment decision-making, and facilitate better policy planning and resource planning.JAMB portal

“It will ensure the efficient linking of sufficient numbers of buyers and sellers, thus facilitating price discovery,” he said.

He added, “With price discovery, energy buyers and sellers have the assurance that they are purchasing these commodities at fair prices in a reliable marketplace.NYSC portal

“Ultimately, it will enhance overall visibility of tariffs, capacity availability, costs and prices along the energy value chain, which will aid buyers and sellers in undertaking transactions.”

NBET is collaborating with the Securities and Exchange Commission, the Nigerian Electricity Regulatory Commission, and the Nigerian Midstream and Downstream Petroleum Regulatory Authority, according to Ewelukwa.JAMB Result

He added that the Federal Ministries of Energy; Finance, Budget, and National Planning; Industry, Trade, and Investment; as well as the media and civil society organizations (CSOs) were involved.

Ewelukwa outlined the industry groups with which the NBET was interacting, naming the Manufacturers Association of Nigeria (3064 members), the Nigeria Employers Consultative Association (332 members), the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (64 member chambers; 401 corporate members), the Nigeria Association of Small Scale Industrialists, and the Nigeria Association of Small and Medium Enterprises.

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Emediong Ekpe

Emediong Ekpe is a graduate of English. A professional Sports journalist/analyst, and a spoken word artist. He is passionate about decimating information and putting smiles on people's faces via news writing.

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