Transitional electricity market begins January 1

The Federal Government has announced that the effective date for the beginning of all contractual obligations in the Nigerian electricity market has been fixed for January 1, 2015.

It said January 1, 2015 is also the date for the declaration of the long awaited Transition Electricity Market.

The Minister of Power, Prof. Chinedu Nebo, who disclosed this at a stakeholders forum on Monday in Abuja, said the main focus of TEM would be the consummation of all contractual obligations as stipulated in the market rules.

He said TEM declaration was not the start of the transition, but an attempt to make the market more mature and robust.

Nebo, in a statement by the Federal Ministry of Power, called on all players to fulfill their obligations, stressing that the Federal Government would not accept any excuse as to why they were unable to provide Nigerians with uninterrupted power supply.

The minister disclosed that the Central Bank of Nigeria was ready, hence all market participants should perfect their papers in order to access cheap funds under the government's intervention initiative.

Nebo also disclosed that government was determined to radically address the lingering metering-gap existing in the power sector.

This, he said, would help block leakages in revenue, thereby making more resources available for investment. Agency report