NBET purchases electricity from the Generating Companies through Power Purchase Agreements (PPAs) and resells to the Distribution Companies through Vesting Contracts. The Generating Companies include the generation companies that were created from the unbundling of Power Holding Company of Nigeria (PHCN) - the former vertically integrated government owned monopoly provider of electricity in Nigeria, other generators that are government owned are the plants in the portfolio of the Niger Delta Power Holding Company (NDPHC) funder under the National Integrated Power Project (NIPP) initiative. Finally, there are the Independent Power Project (IPPs) and those owned by the Internal Oil Companies (IOCS): Shell and Agip. NBET carries out the role of a “Pool” for the Nigerian Electricity Market, as it continues to conclude PPA’s in its deal pipelines; and expects to transition to full competitive procurement for electricity from all sources of fuel