The Transmission Company of Nigeria (TCN) has threatened to disconnect Ajaokuta Steel Company Limited (ASCL) and APL Electric Limited-Aba (APLE) due to non-payment of electricity bills that have accrued to over N44bn. In an advertorial published on Daily Trust yesterday, the Market Operator of TCN stated that the two companies failed to comply with electricity
The Transmission Company of Nigeria (TCN) has threatened to disconnect Ajaokuta Steel Company Limited (ASCL) and APL Electric Limited-Aba (APLE) due to non-payment of electricity bills that have accrued to over N44bn.
In an advertorial published on Daily Trust yesterday, the Market Operator of TCN stated that the two companies failed to comply with electricity market rules, thus, risking the suspension.
For ASCL, the TCN said the advert was a formal suspension notice: “As of the November 2023 billing cycle, ASCL has accumulated a total outstanding debt of N33,071,002,129.49 billion comprising of N30,849,749,981.01 billion for energy and capacity delivered by Nigerian Bulk Electricity Trading PLC (NBET) and N2,221,252,148.48 billion owed to Service Providers.”
It added that on the 20th of March 2023, the MO issued a notification to the company for corrective actions within a specified period but an intervention by the Minister of Power temporarily halted enforcement actions to allow the company an opportunity to rectify its defaults.
While stating that the defaults remain unresolved, ASCL is required to settle all outstanding invoices and provide an adequate bank guarantee of N70,177,727.39 million for MO’s invoice and N320m for NBET’s invoice, within 14 days from the date of this notice
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