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What is PSRP

In 2001, the Federal Government of Nigeria launched a far-reaching set of power sector reforms that ultimately led to the unbundling of the state-owned electricity monopoly and privatisation of the successor generation and distribution companies in 2013.

The initial design of the reforms envisaged four stages of development, ultimately resulting in “a competitive, efficient, private sector-led power sector regulated by the Nigerian Electricity Regulatory Commission (NERC), with the Ministry of Power providing general policy oversight.”

1st Stage

The Pre-Transitional Period began with the unbundling of the Power Holding Company of Nigeria (PHCN) in 2005. During this period, privatisation of the Distribution Companies (DisCos) and Generation Companies (GenCos) occurred and was concluded in November 2013. The Interim period also commenced in November 2013 and was characterised by the allocation of sector cash deficits across all market participants due to the absence of commercial trading structures prior to expected tariff reviews;

2nd Stage

The Contract Based Market (“CBM”), also referred to as the Transitional Electricity Market (TEM), involves active trading of bulk power by NBET, as a buyer of power from GenCos and IPPs and a seller of purchased power to DisCos;

3rd Stage

The Medium-Term Electricity Market requires the cessation of NBET and the novation of contracts between NBET and GenCos/Independent Power Producers (IPP) to the DisCos. In this stage, the DisCos will commence the direct purchase of power from the GenCos/IPPs for onward sale to consumers; and

4th Stage

The Long-Term Market will be characterised by bilateral contracts between electricity buyers and sellers at all levels and a central balancing mechanism through the creation of a spot electricity market.

The  Power Sector Recovery Programme (PSRP) is a comprehensive reform programme to improve power supply, restore financial viability and enhance accountability and transparency in the power sector.

PSRP is designed to restore the financial viability of the power sector, improve transparency and service delivery, resolve consumer complaints, and reduce losses and energy theft.

 

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  • Budget Office of the Federation
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CONTACT US

PSRO Secretariat
Budget Office of the Federation
Federal Ministry of Finance, Budget and National Planning
816 Ahmadu Bello Way
Central Business District, Abuja

Email: psro@budgetoffice.gov.ng.


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