How GenCos’ $6trn debt, state electricity markets dominated 2025

In 2025, despite persistent challenges of poor power  supply, ageing infrastructure and deepening illiquidity, the Nigerian Electricity Supply Industry (NESI) was largely shaped by two defining developments: the mounting N6 trillion debt owed by the Federal Government to power generation companies (GenCos), and the growing push by state governments to establish electricity regulatory commissions and independent power markets within their jurisdictions.