NISO, NBET Move To Tackle Electricity Market Liquidity Challenges

The Nigerian Independent System Operator (NISO) has expressed its readiness to collaborate with the Nigerian Bulk Electricity Trading Plc (NBET) and other stakeholders to holistically address liquidity challenges in the electricity sector and strengthen market operations.

The Managing Director/Chief Executive Officer of NISO, Engr. Abdul Bello Mohammed, stated this when the Managing Director of NBET, Dr Akinola Odeyemi, paid a familiarisation visit to the system operator.

Mohammed said the two agencies have intertwined responsibilities in ensuring that Nigeria’s electricity market becomes efficient, transparent and attractive to investors.

He said NISO manages the service aspect of the electricity market, while NBET manages the energy side, stressing that both agencies must deepen their collaboration to achieve the objective of delivering stable and reliable electricity to Nigerians.

“Our organisation and NBET share a lot in common. While we manage the service aspect of the electricity market, you manage the energy. Historically, NISO and NBET have always worked in synergy, so what we need now is to improve that under the new leadership,” he said.

Mohammed said the liquidity crisis in the sector required collective action, noting that NISO was prepared to work with NBET and other stakeholders to develop holistic solutions to the market’s challenges.

He also called for closer cooperation under the leadership of the Minister of Power, Joseph Tegbe, saying stakeholders must unite, share ideas and address the sector’s challenges.

“The goal of establishing these agencies is to ensure Nigerians enjoy stable power supply. We must therefore work together to achieve it,” he said.

Mohammed assured that NISO would work closely with NBET to advance the objectives of the Electricity Act 2023 reforms and strengthen the electricity market.

On his part, Odeyemi commended NISO for its efforts to stabilise and improve the electricity market, assuring that NBET would sustain and build on the gains recorded so far.

He said his visit was aimed at identifying areas where the two agencies could deepen collaboration, particularly in market settlement, revenue alliance, coordination and strategies for improving the electricity market.

“Upon my appointment, I thought it wise to visit and familiarise myself with sister agencies to see areas where we can work more closely together to achieve our overall mandates,” Odeyemi said.

He assured that NBET under his leadership would maintain a robust relationship with NISO and other sector stakeholders to promote growth, attract investment and ultimately improve electricity supply across the country.