The Managing Director/Chief Executive Officer of Pacific Energy Company Ltd, operator of Olorunsogo Power Plant in Ogun State, Monsuru Afinni, has disclosed that a debt totalling N26.4 billion being owed it by the Nigerian Bulk Electricity Trading Plc (NBET) and the Market Operator (MO), among other technical challenges, have hampered the 335-megawatt-capacity plant from effectively generating power and meeting its targets in the country.
Afinni stated this during an inspection visit by the Minister of Power, Works and Housing, Babatunde Raji Fashola, at the weekend, to the Phase 1 of the power station.
He, however, appealed to the Minister to wade into the challenges confronting the power station so that it can effectively operate at full capacity.
According to him, the Olorunsogo power station is currently experiencing delayed revenue remittance to the tune of N26.4 billion, thus leading to serious indebtedness. He noted that while NBET owes N23.9 billion, the firm was also being owed N2.5 billion by MO.
The Managing Director equally informed the Minister that inadequate gas supply, grid instability and deplorable state of road linking the plant had worsened the problems of the power station.