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From Isaac Anumihe, Abuja
Following the intervention of the Minister of Power, Engineer Abubakar Aliyu, over the disconnection of three Distribution Companies (DisCos), Transmission Company of Nigeria (TCN), yesterday, reconnected them to the national grid.
In a statement, the three DisCos were disconnected from the power grid for noncompliance with the Market Rules which include payment of their outstanding invoices, posting of adequate Bank Guarantees (BG), and forwarding of their active Power Purchase Agreements (PPA).
The intervention by the Minister, according to TCN, has automatically prolonged the grace period to 60 days from the publication.
According to the regulator, all market defaulters should comply with the provisions of the Market Rules with respect to payment of their outstanding invoices, posting of adequate Bank Guarantees (BG), and forwarding of their active Power Purchase Agreements (PPA) as the case may be, to the Market Operator/TCN.
TCN used the occasion to warn other defaulters who are yet to be suspended/disconnected within the 60 days grace to comply or face the wrath of the regulator.
“At the expiration of this grace period, the Market Operator will resume sanctions in line with the Market Rules,” it warned.
