NERC: DisCos remitted N706bn, accrued N151bn deficit in 2023

The Nigerian Electricity Regulatory Commission (NERC) says power distribution companies (DisCos) remitted N706.73 billion in 2023.

The NERC spoke on DisCos’ remittance performance in its 2023 annual report and accounts, released on Monday.

According to the commission, a total invoice of N858.03 billion was issued to all DisCos for energy received from the Nigerian Bulk Electricity Trading (NBET) and for service charges by market operator (MO).

The NERC said although DisCos remitted N706.73 billion in the period under review, they accrued a total deficit of N151.3 billion.

“This payment translates to an overall remittance performance of 82.37%,” NERC said.

According to the commission, N685.69 billion invoice was issued by NBET in 2023 while MO issued N172.33 billion in the same year.

“Out of the ₦685.69 billion invoice issued by NBET in 2023, DisCos remitted ₦578.43 billion translating to a remittance performance of 84.34%,” NERC said.

“The top performing DisCos were Eko (105.76%), Yola (105.24%), Ikeja (96.20%), Benin (95.15%) and Ibadan (93.11%).

“Conversely, Kaduna DisCo recorded the lowest remittance performance to NBET in 2023 (17.59%).

“The MO invoice in 2023 was ₦172.33 billion, and the DisCos remitted ₦128.40 billion, translating to a 74.51% remittance performance rate. The top-performing DisCos were Yola (90.91%), Eko (90.85%) and Ikeja (90.38%) with remittances above 90% to the MO in 2023.”

The NERC said Kaduna DisCo recorded the lowest remittance of 10.75 percent to MO in 2023.

On January 9, the NERC had dissolved the board of directors of the Kaduna Electricity Distribution Company (KAEDC).

The dissolution followed the DisCo’s inability to pay its N110 billion debt owed to the Nigerian Electricity Supply Industry (NESI), according to a statement jointly signed by Sanusi Garba, NERC’s chairman, and Musiliu Oseni, his vice.

NERC: DisCos remitted N706bn, accrued N151bn deficit in 2023 | TheCable