N2TRN DEBT: BLACK OUT LOOMS AS NMDPRA HALTS GAS SUPPLY TO GENCOS
An electricity blackout is imminent following the Nigerian Midstream and Downstream Petroleum Regulatory Authority’s directive to gas producers to cease supplying gas to indebted generation companies (GenCos).
NMDPRA stated that the substantial debts owed to producers had hindered their ability to sustain operations. It called on gas off-takers, particularly power generation companies, to ensure timely payment for the gas supplied.
The federal government and some GenCos currently owe over N2 trillion in legacy debts to gas producers in Nigeria.
