Nigerian electricity trading company gains knowledge exchange partner
NBET will cooperate with Turkish company Energy Exchange Istanbul to broaden knowledge of power market design for optimal bulk electricity trading, to adopt least cost trading model for energy efficiency and to support renewables
Nigerian Bulk Electricity Trading Plc. (NBET) has entered a cooperation agreement with Turkish company Energy Exchange Istanbul (EXIST), seeking transfer of critical experience, business knowledge, and support in the design of a functional trading structure for Nigerian electricity.
Details were spelled out in a statement released by the Nigerian electricity trading firm yesterday, following last week’s signing in Turkey. It reveals a wide-ranging agreement encompassing technical support and knowledge exchange related to designing the institutional structure of the power market in Nigeria.
The NBET statement said that EXIST would assist NBET in the design and implementation strategy that would enable optimal bulk electricity trading that adopts a least cost trading model for energy efficiency.
They two parties will work on developing necessary feasibility studies to establish the energy exchange. They will also work towards establishing a renewable energy support scheme like the ‘Turkish experience,’ according to the statement.
“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,” said Dr. Nnaemeka Ewelukwa, CEO, NBET, speaking in Turkey last week.
“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,” he said.
According to Dr. Ewelukwa, NBET would synergise with EXIST in developing a framework for upscaling sustainable investments in renewable energy in line with the Nigerian federal government’s commitment to diversify the country’s energy mix and transition to a low-carbon economy.
NBET, established in 2010, is a government-owned company that seeks to create a competitive wholesale electricity market through bulk purchase of power and ancillary services for resale to distribution companies. The energy exchange company EXIST, a public-private company established in 2015, operates electricity and natural gas spot and futures markets, and provides ancillary services, in Turkey.
Energy & Utilities reported earlier this month on progress reported by the Transmission Company of Nigeria (TCN) in its grid expansion programme to expand bulk power transmission to the country’s regions.
Energy & Utilities - Middle East and Africa Market, Outlook Report 2023.
This must-have report for industry players offers a thorough understanding of the latest developments, challenges, and opportunities in the region, supported by data, analysis, and expert insights.
Market Outlook Report 2023
This resource provides insights into business opportunities, trends, and technologies in the MEA energy sector. It covers current and upcoming power projects, new energy initiatives across MENA, investment trends in the African energy scene, and highlights in solar markets, hydrogen, and battery storage.