NERC renews NBET’s licence for three years

The Nigerian Bulk Electricity Trading company, (NBET) on Tuesday announced that its operating license had been renewed for additional three years by the Nigerian Electricity Regulatory Commission,(NERC).

This was disclosed in a statement issued by the firm in Abuja that the license was renewed following a review of NBET’s application and corporate business plan.

The Nigerian Bulk Electricity Trading company was set up as a credit worthy off-taker of bulk electricity distributed through the national power grid to consumers and its initial license was for a 10-year period which ended this November.

The firm noted in the statement that NBET was established to undertake the business of managing and trading in wholesale electricity.

It further explained that the agency functioned as a bulk purchaser and bulk reseller of power and ancillary services pursuant to the Electric Power Sector Reform Act 2005.