The Nigerian Bulk Electricity Trading company on Tuesday announced that its operating license had been renewed for additional three years by the Nigerian Electricity Regulatory Commission.
It said in a statement issued by the firm in Abuja that the license was renewed following a review of NBET’s application and corporate business plan.
The electricity bulk trader was set up as a creditworthy off-taker of bulk electricity distributed through the national power grid to consumers.
The agency’s initial license was for a 10-year period which ended this November.
The firm said in the statement that NBET was established to undertake the business of managing and trading in wholesale electricity.
It explained that the agency functioned as a bulk purchaser and bulk reseller of power and ancillary services pursuant to the Electric Power Sector Reform Act 2005.