Abuja, Oct. 14, 2024 – Electricity Distribution Companies (Discos) in Nigeria realised total revenue of N431.16 billion in the second quarter of 2024.
This was out of the N543.64 billion bill sent to customers during the period, reflecting a collection efficiency rate of 79.31 per cent.
The Nigerian Electricity Regulatory Commission (NERC) disclosed this in its Second Quarter 2024 Report
It reported that revenue generated by the Discos in second quarter of 2024 compared favourably with their total revenue of N291.62 billon collected out of the N368.65 billon billed customers in the first quarter which translated to a 79.11 per cent collection efficiency rate.
“The 79.31 per cent collection efficiency recorded in 2024/Q2 is 0.20pp higher than the collection efficiency recorded in 2024/Q1,” It said.NERC reported.
The NERC also reported that electricity consumers in Benin Republic and Togo were owing Nigeria $5.7 million for power supplied by the power generation companies in the second quarter of 2024.
It said none of the four international bilateral customers being supplied by the power generation companies made payments in the first quarter against the cumulative invoice of $14.19 million issued.
“Out of the $15.60 million invoice issued by the operators between April and June, the international customers remitted only $9.81million.
“The NERC listed the foreign companies off-taking power from Nigeria are Para-SBEE in Benin Republic ($1.23m), Transcorp-SBEE in Benin, Mainstream-NIGELEC in Togo ($1.09m), and Odukpani-CEET in Togo ($3.47m).
“Para-SBEE in Benin Republic remitted 71.21 per cent of the $4.29m billed, Transcorp-SBEE in Benin remitted 100 per cent of the $4.25m it was billed; Mainstream-NIGELEC in Togo paid 69.72 of $3.59m, while Odukpani-CEET did not remit anything during the period.
“In the first quarter, none of the four international bilateral customers being supplied by the power generation companies made payments against the cumulative invoice of $14.19m issued by the market operator for services rendered.
“In the Q2 report, it was noted that some bilateral customers (both domestic and international customers) made payments for outstanding invoices from previous quarters.
“Cumulatively, the international bilateral customers paid a total of $16.65m; Transcorp-SBEE and Mainstream-NIGELEC have made payments towards all outstanding invoices from previous quarters,” the report disclosed.
“The four international bilateral customers being supplied by Gencos in the NESI made a payment of $9.81m against the cumulative invoice of $15.60m issued by the MO for services rendered in 2024/Q2, translating to a remittance performance of 62.88 per cent.” (GBN)
