President signs into law the Petroleum and Energy bills

The new energy law among other things proposes the establishment of three key national energy entities to manage and regulate energy resources in the country.

The law establishes the Energy and Petroleum Regulatory Authority, the Rural Electrification and Renewable Energy Corporation and the Nuclear Power and Energy Agency.

The Energy and Petroleum Regulatory Authority will be mandated to regulate generation, importation, exportation, transmission, distribution, supply and usage of electrical energy with the exception of licensing of nuclear facilities.

It will also be required to regulate the importation, refining, exportation, transportation, storage and sale of petroleum and petroleum products with the exception of crude oil.

The Authority will also be required to manage production, conversion, distribution, supply, marketing and usage of renewable energy.

Full article: CapitalBusiness

 


 

Print Friendly, PDF & Email