PHCN preferred bidders pay up

The Federal Government has recorded substantial compliance in payments by Preferred Bidders for the sale of unbundled companies of the Power Holding Company of Nigeria, under its globally acclaimed power privatization programme.
By close of transaction on Wednesday night, all Preferred Bidders had paid up, except the Enugu Distribution Company, while the preferred bidder for Sapele Power Station had made substantial part-payment.
The completion payment now entitles the preferred bidders to take full possession of the 15 PHCN unbundled entities (10 Distribution Companies and five Generation Companies).
The Minister of Power, Prof. Chinedu Nebo, announced this in Abuja, after confirmation that the investors had met the August 21 deadline.
Nebo described this as a great milestone in the Power Sector Reform Roadmap that should give hope to all Nigerians and inspire confidence in government’s power reform programme and President Goodluck Jonathan’s Transformation Agenda.
The Minister said he would soon formally declare the Transition Electricity Market to enable the investors commence business in earnest and further drive the process.
Nebo also reassured all Nigerians and investors of government’s resolve to pursue the transformation agenda to the end and monitor the emerging transition market, in order to protect the interest of both the citizenry and the investors.
He said the stability of the national grid was being enhanced to ensure effective transmission of any quantity of power being generated in the new dispensation.
According to the Power Minister, efforts are also on to provide more electricity off-grid, especially for the rural areas, while also sustaining subsidy for low income electricity consumers in the nation’s tariff structure.