The company said that this is in line with the provisions of the Electricity Act 2023, which provides clearer guidelines for the incorporation and licensing of the independent system operator (ISO).

It said that previously, TCN held Transmission Service Provider (TSP) and System Operations (SO) licences issued by NERC.

”With the establishment of NISO, TCN will now transfer its assets and liabilities related to market and system operations to the new entity.

According to the order, the Bureau of Public Enterprises (BPE) has been directed to incorporate a private company limited by shares under the Companies and Allied Matters Act (CAMA) by May 31.

”This new company, to be named the Nigerian Independent System Operator of Nigeria Limited (NISO), will assume the market and system operation functions as specified in the Electricity Act and the terms of TCN’s system operation licence,”It said.

The company  outlined NISO’s responsibilities to include  managing assets and liabilities related to market, and system operation on behalf of market participants and consumer groups.

”The new ISO will also negotiate contracts for ancillary services with independent power producers and generation licensees.

”In addition to performing market and system operation functions for the benefit of market participants and system users”It said.