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The Association of Power Generation Companies (APGC) has said the gas-fired Generation Companies (GenCos) owe gas suppliers about N200billion debt which has cut further credit supply from the firms.
The Executive Secretary, Dr Joy Ogaji at a briefing in Abuja yesterday said GenCos are only operating few turbines to generate power based on the quantum of gas they can pay for immediately.
The Daily Trust reported on Tuesday that 35 turbines were idle across 15 gas-fired GenCos, causing the loss of 2,514mw mostly due to poor funding of gas fuel. Record shows the national grid dropped to 3,914 megawatts (mw) yesterday from the 4,400mw attained on Monday.
Giving the reasons, Dr Ogaji said, “To procure gas, we need money. Currently, GenCos are being owed N600 billion and owe gas companies nearly N200 billion. Most gas suppliers now say they can’t supply anymore until we pay.
