By Abdulwahab Isa
Two firms, Manitoba Hydro of Canada and Power Grid of India that indicated interest on the management contract for the Transmission Company of Nigeria (TCN) have begun due diligence on TCN and its network, preparatory to submission of their technical and facial proposals.
Accoring to a statement by Bureau of Public Enterprises (BPE) signed by its spokesman, Chukwuma Nwokoh who confirmed the latest development yesterday, said the due diligence on TCN by the two firms follows the issuance of Requests for Proposal (RFP) documents by BPE.
The National Council on Privatisation (NCP), had at its third meeting in August 19, 2010, which held at the Presidential Villa, Abuja invited Power Grid of India, ESB International of Ireland and Manitoba Hydro of Canada to re-submit technical and financial proposals in line with current system and industry information for the management contract for Transmission Company of Nigeria (TCN).
TCN is one of the eighteen successor companies carved out of Power Holding Company of Nigeria (PHCN.) It combines the functions of a transmission services provider, a system operator and a market operator, all of which are central to the sustainability and development of the electricity sector.
Following unbundling, TCN emerged as one of the successor companies of PHCN and was scheduled for a Management Contract in order to transit the company into a financially sustainable, stable, self-sufficient and market-driven company.
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