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Energy

DisCos record N273.42 billion shortfall in 2020, receive N542.73 billion from customers

DisCos received the sum of N542.73 billion from their consumers across the country as electricity bill in 2020.

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Discos call for sanctions on perpetrators of electricity theft to curtail monthly loss of N30 billion
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The 11 Electricity Distribution Companies (DisCos) across Nigeria recorded a shortfall of N273.42 billion in 2020 and received a total of N542.73 billion out of N816. 15 billion they billed their consumers. This is an increase of N42.46 billion from the total of N230.96 billion shortfall recorded in 2019.

Findings also revealed that the amount the DisCos generated from their consumers in 2020 increased by N55.49 billion from the N487.24 billion recorded in 2019.

This was disclosed by the National Electricity Regulatory Commission (NERC) in its 2020 financial report.

READ: Shell plans $2 billion investment in Kano Electricity Distribution Company

Highlights of the report

  • Ikeja Disco led the pack raking the highest amount of electricity bill from customers. It received N105.23 billion in 2020.
  • Yola Disco, however, received the lowest revenue in the year under review. It got N10.74 billion during the period.
  • Eko DisCo made revenue of N84.7 billion, followed by Abuja DisCo with N82.6 billion.
  • Ibadan DisCo also recorded N61.8 billion within the period under review.
  • Enugu DisCo recorded revenue of N47.83 billion while Benin and Jos DisCos received N45.66 billion and N17.44 billion respectively
  • Kaduna, Kano and Port Harcourt DisCos got N21.53 billion, N33.84 billion and N31.4 billion respectively from their electricity consumers.

READ: Port Harcourt DisCo begins distribution of 1 million pre-paid meters in 4 states

What you should know

Two months ago, NERC announced that 62.63% of electricity customers in Nigeria were under the estimated billing package as of September 2020, a development that will not make the DisCos’ shortfall go away so soon.

If Electricity consumers have pre-paid meters, the DisCos will heave a sigh of relief, as everyone will be forced to pay for their consumption with the pre-paid cards bought from the DisCos.

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READ: Minister says FG spends over N50 billion to subsidise electricity in the country

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This was disclosed by the Commission in its 2019 to Q3, 2020 Nigerian Electricity Supply Industry (NESI) Key Financial and Operational Data, according to Nairametrics.

The NERC disclosed that metering for customers has been a challenge so far, citing that only Eko Electricity Distribution Company and Ikeja Electric Plc had metered over 50% of their customers.

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Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper.The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference.The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

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Business News

NNPC, SEEPCO sign gas development agreement for domestic market

The execution of the deal is to help reduce gas flaring in the country and a show of NNPC’s commitment to facilitating the country’s transformation into a gas-powered economy.

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The Nigerian National Petroleum Corporation (NNPC) and an indigenous oil exploration and production firm, Sterling Exploration and Energy Production Company (SEEPCO), both partners in the Oil Mining Lease (OML) 143, have signed a Gas Development Agreement (GDA).

The execution of the deal is to help reduce gas flaring in the country and a show of NNPC’s commitment to facilitating the country’s transformation into a gas-powered economy.

According to a tweet post from NNPC on their official Twitter handle, the agreement between both parties was signed at NNPC’s head office, NNPC towers, on Thursday, April 22, 2021.

The statement says that this latest milestone provides the terms for the development of OML 143 Gas, providing gas for the domestic market which aligns perfectly with the Federal Government’s National Gas Expansion Programme (NGEP).

What this means

The execution of this project will not only help to support the Federal Government’s effort in reducing gas flaring by monetizing it but will also play its part in the government’s effort in the expansion of gas utilization in the country as a cleaner, cheaper and more reliable alternative form of energy.

This is coming at a time when the Federal Government is shifting focus to gas utilization as an alternative source of energy especially with the increase in the retail pump price of petrol. This is one of the various initiatives by the government as represented by the NNPC towards providing alternative sources of energy.

 

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Business

NNPC says NO to petrol pump price hike in May

There would be no increase in the ex-depot price of Premium Motor Spirit in the month of May 2021.

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Crude oil market remains unpredictable- NNPC Boss
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The Nigerian National Petroleum Corporation (NNPC) has assured Nigerians that there would be no increase in the ex-depot price of Premium Motor Spirit, popularly known as Petrol in May.

This was disclosed by the Group Managing Director of NNPC, Mele Kyari, on Monday via the Corporation’s Twitter handle.

It tweeted, “There would be no increase in the ex-depot price of Premium Motor Spirit in the month of May 2021.”

Ex-depot price is the cost of petrol at depots, from where filling stations purchase the commodity before dispensing to final consumers.

READ: Nigerian automaker raises $9 million despite protest against electric car in Nigeria

Kyari also added that Petroleum Tanker Drivers had suspended their proposed strike after the intervention of NNPC in the impasse between the PTD and the National Association of Road Transport Owners.

“We have given our commitment to both NARTO and PTD that we will resolve the underlining issue between them and come back to the table within a week so that we’ll have a total closure of the dispute,” he added.

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READ: Oil marketers give conditions to resume fuel importation

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What you should know

  • NNPC has maintained an ex-depot price of N148/litre since February despite the hike in the actual cost of the commodity, hence incurring subsidy of over N120bn monthly.
  • Also in March, the NNPC said it would maintain its ex-depot price for petrol until the conclusion of ongoing engagement with the organised labour and other stakeholders.

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