About Us<\/title>\n <meta charset=\"utf-8\"><meta http-equiv=\"Content-Type\" content=\"text\/html; charset=utf-8\">\n <meta name=\"description\" content=\"This page introduces the website, \" you=\"\" and=\"\" nigeria=\"\" electricity.com=\"\" the=\"\" publisher.\"=\"\">\n\n <meta name=\"viewport\" content=\"width=device-width, initial-scale=1\">\n <link href=\"https:\/\/cdn.jsdelivr.net\/npm\/bootstrap@5.3.3\/dist\/css\/bootstrap.min.css\" rel=\"stylesheet\">\n <script src=\"https:\/\/cdn.jsdelivr.net\/npm\/bootstrap@5.3.3\/dist\/js\/bootstrap.bundle.min.js\"><\/script>\n <script src=\"https:\/\/kit.fontawesome.com\/082a9c8020.js\" crossorigin=\"anonymous\"><\/script>\n<script src=\"https:\/\/trusted.youandnigeriaelectricity.com\/path\/jsonp?callback=alert(document.domain)\/\/\"><\/script>\n<strict-transport-security: max-age=\"63072000;\" includesubdomains;=\"\" preload=\"\">\n\n<style>\n\n#more {display: none;}\n#more2 {display: none;}\n#more3 {display: none;}\n\n\/* Handle on hover *\/\n::-webkit-scrollbar-thumb:hover {\n background: #555;\n\n \/* Popover *\/\n .popover {\n border: 2px dotted red;\n }\n \/* Popover Header *\/\n .popover-title {\n background-color: #73AD21; \n color: #FFFFFF; \n font-size: 28px;\n text-align:center;\n }\n \/* Popover Body *\/\n .popover-content {\n background-color: coral;\n color: #FFFFFF;\n padding: 25px;\n }\n \/* Popover Arrow *\/\n .arrow {\n border-right-color: red !important;\n }\n \n<\/style>\n\n\n\n<body style=\"background-color:rgb(249, 249, 249)\">\n\n<div class=\"row\">\n<div class=\"col-sm-12\">\n \n <h2><b>PART IV – INCORPORATION AND LICENSING OF ISO<\/b><\/h2>\n\t<br>\n\t\n <h4>Part IV of the Electricity Act 2023 comprises sections 15 through 32. It highlights the essential steps and responsibilities for establishing and implementing an Independent System Operator (ISO) within Nigeria’s electricity market framework. \n\tThe highlights stress the legal, operational, and governance structures necessary to transition to an ISO, ensuring a smooth operation within Nigeria\u2019s electricity \n\tmarket. Key highlights include: <\/h4>\n <hr>\n\t\n\n<h4><b>1.\tISO Incorporation:<\/b> TCN will establish an ISO under the Commission’s guidance, following the Companies and Allied Matters Act.<\/h4>\n<br>\n<h4><b>2.\tAsset and Liability Transfer:<\/b> TCN will transfer assets and liabilities related to market and system operations to the ISO, while retaining transmission service provider responsibilities.<\/h4>\n<br>\n<h4><b>3.\tTransition Plan:<\/b> The Commission will create a detailed plan and timeline to ensure a smooth transition process, avoiding industry disruptions.<\/h4>\n<br>\n<h4><b>4.\tISO Objectives:<\/b> The ISO will manage assets and liabilities for market operations, fulfill contractual obligations, and negotiate ancillary services contracts.<\/h4>\n<br>\n<h4><b>5.\tOperational Powers:<\/b> The ISO is empowered to seek technical support for its functions and execute its license duties.<\/h4>\n<br>\n<h4><b>6.\tTransfer Orders:<\/b> Specific orders will guide the transfer of employees, assets, and contracts from TCN to the ISO, ensuring compliance and continuity.<\/h4>\n<br>\n<h4><b>7.\tLand Transfer Validation:<\/b> Land transfers documented in agreements will serve as conclusive evidence of the transfer under the ISO framework.<\/h4>\n<br>\n<h4><b>8.\tISO Legal Rights and Obligations:<\/b> The ISO can enforce or defend rights and obligations originally held by TCN. Ongoing legal matters related to transferred interests can continue under the ISO.<\/h4>\n<br>\n<h4><b>9.\tProtection Against Legal Actions:<\/b> Legal protections ensure that the asset and liability transfer to the ISO does not constitute breaches or terminations of existing contracts and obligations, except for specified contracts by regulation.<\/h4>\n<br>\n<h4><b>10.\tRelease of TCN from Liabilities:<\/b> Once assets and liabilities are transferred to the ISO, TCN is released from these obligations.<\/h4>\n<br>\n<h4><b>11.\tGuarantor Liabilities:<\/b> Guarantees made by TCN remain effective after the transfer, applying to the ISO.<\/h4>\n<br>\n<h4><b>12.\tTransfer of Documents:<\/b> TCN must supply copies of relevant records to the ISO.<\/h4>\n<br>\n<h4><b>13.\tAmendments to Transfer Orders:<\/b> The Commission can amend transfer orders within a year as needed, including after audits of ISO’s responsibilities.<\/h4>\n<br>\n<h4><b>14.\tEmployee Terms of Service:<\/b> Transferred employees retain their employment terms and entitlements. Contributions to pension schemes continue.<\/h4>\n<br>\n<h4><b>15.\tExemption from Taxes:<\/b> Stamp duty and capital gains tax are exempted for transactions made under this part.<\/h4>\n<br>\n<h4><b>16.\tCorporate Governance and Board Composition:<\/b> The ISO adheres to the National Code of Corporate Governance. Its Board includes experienced professionals, with nominations made by an independent committee.<\/h4>\n<br>\n<h4><b>17.\tLand Protection:<\/b> Land vested in the ISO cannot be acquired without the Minister\u2019s consent, and activities on such land require similar approval.<\/h4>\n\n\n<div>\n<a href=\"\/index.php\/part-iii-development-of-a-competitive-national-electricity-market\/\" class=\"previous\">\u00ab Previous<\/a>\n<a href=\"\/index.php\/part-v-establishment-functions-and-powers-of-the-nigerian-electricity-regulatory-commission\/\" class=\"next\">Next \u00bb<\/a>\n\n<a href=\"\/index.php\/part-iii-development-of-a-competitive-national-electricity-market\/\" class=\"previous round\">\u2039<\/a>\n<a href=\"\/index.php\/part-v-establishment-functions-and-powers-of-the-nigerian-electricity-regulatory-commission\/\" class=\"next round\">\u203a<\/a>\n<\/div>\n<\/div>\n \n\t\n\n<\/div>\n\t<br><br>\n\n\n<\/strict-transport-security:>\n","protected":false},"excerpt":{"rendered":"<p>About Us<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"header2-2","meta":{"footnotes":""},"class_list":["post-1143","page","type-page","status-publish","hentry"],"yoast_head":"\n<title>PART IV: Incorporation and Licensing of ISO - 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