Energy Briefs
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THE Nigerian Electricity Regulatory Commission, NERC, has imposed a fine of N37.52 million on the Port Harcourt Electricity Distribution Company, PHED, over its failure to submit audited financial reports since 2013 when a new management came on board. A directive signed by Anthony Akah, NERC acting chairman, and Olufunke Dinneh, general manager, legal licensing and enforcement, NERC, said the PHED had consistently flouted its licensing conditions, which required it to submit yearly audited financial reports, adding that the company also failed to heed subsequent reminders.
The commission said the PHED had flouted at least four of its licensing conditions by failing to submit two years financial reports, adding that each of the four grounds of infringement attracted a fine daily beginning from April 1, 2014, when the offences were first brought to the Disco’s attention.
“For failing to comply with the licence terms and conditions, and other regulatory instruments, which is a breach of Section 63 (1) of the Electric Power Sector Reform Act, 2005, the PHED is hereby fined N10,000 per day from April 1, 2014.
“For failing to comply with Condition 6 (7) of the Electricity Distribution Licence terms and conditions granted the PHED by the commission, the PHED is hereby fined N10,000 from April 1, 2014 till the date of this directive. For failing to comply with Conditions 23 (1) of the Distribution Licence Terms and Conditions granted the PHED by the commission, the PHED is hereby fined N10,000 per day from April 1, 2014,” the NERC said.
— Nov 14, 2016 @ 01:00 GMT
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