Amid the hike in power tariff, eight electricity distribution companies (DisCos) have recorded an increase in their revenue in March 2024.
The eight DisCos generated N100bn in March, according to data released by the Nigeria Electricity Regulatory Commission (NERC).
The eight DisCos that recorded an increase in their revenue in March 2024 include, Ikeja DisCo recorded the highest of N20bn; Eko DisCo N16.7bn; Abuja DisCo N16.7bn; Ibadan DisCo N10bn; Benin DisCo N7.5bn; Enugu DisCo N6.9bn; the newly inaugurated Geometric Power, otherwise known as Aba Power, N1.1bn and Yola DisCo N1.5bn.
Data released by NERC shows that in January 2024, the power supply to the DISCOs was recorded as 2,577 gigawatt-hours while 2,072GWh of the energy received was billed.
The billing efficiency was recorded at 80 per cent in January while the sum of N130.9bn was pegged as total billing. Total revenue collected was recorded at N95bn, representing 72 per cent billing efficiency.
The increased earnings which rose from N95bn in January 2024, to N100bn in March 2024, come amid complaints of a drop in power generation.
The declining power generation during the period was traced to the gas shortages reported by electricity generating companies (GenCos) as gas companies stopped supplying gas to them due to unpaid debts.
In Q1, 2024, the DISCOs recorded a combined income of N292bn, and the increase in revenue earned during the period has been linked to the recent tariff hike by the DisCos.
In February 2024, DISCOs received 2,149GWh as total energy, a decline from the volume received in January.
The volume of energy billed by the DISCOs was recorded as 1,759GWh and N97bn revenue was collected from N113bn billing charges sent out.
In March, the volume of total energy received stood at 2,468 GWh. 1,975GWh out of the total energy was billed at N126.5bn and N100bn was generated as revenue.
