By: Goodluck E.Adubazi, Abuja.
The Nigerian Independent System Operator (NISO) and the Nigerian Bulk Electricity Trading Plc (NBET) have pledged to strengthen their collaboration to improve the efficiency, transparency and investment attractiveness of Nigeria’s electricity market.
The Managing Director/Chief Executive Officer of NISO, Engr. Abdu Bello Mohammed, FNSE, made the commitment on Tuesday when the newly appointed Managing Director of NBET,
Dr. Akinola Odeyemi, visited NISO.
Mohammed said the two institutions had intertwined responsibilities in ensuring the effective operation of the electricity market, stressing that closer cooperation was essential to addressing persistent challenges confronting the sector.
According to him, while NISO is responsible for managing the service aspect of the electricity market, NBET plays a key role in managing energy transactions.
He said the two organisations had historically worked together and expressed optimism that the relationship would be strengthened under their new leadership.
“The goal of establishing these agencies is to ensure Nigerians enjoy stable power supply. We must therefore work together to achieve it,” Mohammed said.
He added that NISO was ready to collaborate with NBET and other stakeholders to tackle liquidity challenges in the electricity sector and support the reforms introduced under the Electricity Act 2023.
Mohammed said NBET remained a critical institution in the electricity market, assuring that NISO would work closely with the bulk electricity trader to achieve the objectives of the ongoing sector reforms.
He stressed that the ultimate responsibility of both agencies was to ensure a stable and reliable electricity supply while creating an environment capable of attracting investors into the sector.
Earlier, Odeyemi said his visit was aimed at strengthening relations between NBET and its sister agencies and identifying areas where closer collaboration could improve the performance of the electricity market.
He commended NISO for its efforts towards stabilising and improving the market, assuring that NBET would work hand-in-hand with the system operator to sustain and build on the gains recorded so far.
Odeyemi identified market settlement, revenue alignment, coordination and broader market strategies as areas requiring greater cooperation between the two institutions.
“Upon my appointment, I thought it wise to visit and familiarise myself with sister agencies to see areas where we can work more closely together to achieve our overall mandates,” he said.
The NBET chief executive pledged that the organisation under his leadership would maintain a robust relationship with NISO and other stakeholders in the power sector.
He said the objective was to strengthen the electricity market, attract fresh investments and ultimately translate market reforms into improved power supply for Nigerians.
The two agencies therefore reaffirmed their commitment to closer coordination as part of efforts to build a more efficient, transparent and financially sustainable electricity market in line with the objectives of the Electricity Act 2023.
