In a bid to revamp the country’s energy generation, transmission, distribution and retail sectors, the Nigerian Bulk Electricity Trading (NBET) has entered into a partnership agreement with Turkish energy company, Energy Exchange Istanbul (EXIST).
The agreement will see NBET and EXIST partnering to maximize energy investments through improved participation of private players.
The two parties will also collaborate on knowledge and technology sharing to increase Nigeria’s energy generation and supply capacity.
While Nigeria is one of the world’s largest gas markets, the country’s generation capacity has remained constrained, at 4,000 MW, yet demand continues to increase. Meanwhile, Turkey – through the operations of NIST, boast over 100,000 MW of generation capacity and ranks Europe’s sixth-largest electricity market.
In addition to modernizing Nigeria’s generation systems, EXIST will help NBET to upgrade its electricity retail systems through the deployment of innovative and next-generation commercial transactions and revenue collection mechanisms to address issues such as energy theft while enhancing revenue collections for utility companies.
Chief Executive Officer of NBET, Dr Nnaemeka Ewelukwa, said: “The key aspects of the cooperation would see NBET strategically leveraging on cutting edge technology to chart a new course in its commercial transactions in the electricity market. It will ultimately pave the way for more power investments in the country and deepen competition in the market, with greater value delivery to participants in the market.”
Ewelukwa, added that “With this partnership, the NESI can leverage EXIST’s experience towards the design and implementation of policy frameworks that will ramp up energy solution to the manufacturing sector and other vital economic sectors towards increasing the Gross Domestic Product of Nigeria and improving living conditions of its people.
Moreover, the two will collaborate on research and development of technologies related to renewable energy to help the Nigerian government to realize its energy sustainability and decarbonization goals whilst securing electricity supply.