The 11 electricity Distribution Companies (DisCos) in the country raked in revenue of N431.16 billion from customers in the second quarter (Q2) 2024.
This data is contained in the quarterly report of the Nigerian Electricity Regulatory Commission (NERC) for the review period.
The amount recorded by the DisCos reflects a collection efficiency of 79.31 per cent.
The NERC report indicated that the performance derived from a total billing of N543.64 billion, shows a modest increase of 0.20 percentage points compared to the previous quarter’s 79.11 per cent efficiency.
It further showed that in addition to revenue collections, the DisCos’ remittance to the upstream market players also saw some adjustments.
The cumulative upstream invoice payable by DisCos in Q2 2024 was N399.53 billion, which included N343.76 billion for DRO-adjusted generation costs from the Nigerian Bulk Electricity Trading (NBET) and N55.77 billion for services by the Market Operator (MO).
The DisCos remitted a total of N318.65 billion (N271.87 billion for NBET and M46.78 billion for the MO), leaving an outstanding balance of ₦80.88 billion.
According to the report, this is translated to a remittance performance of 79.76 per cent in Q2 2024, a decline from the 96.93% performance recorded in Q1 2024.
The report further indicates that the remittance performance by special and bilateral customers reflected similar challenges.
The four International bilateral customers serviced by the NESI paid a cumulative sum of $9.81 million against an invoiced amount of $15.60 million for services rendered in Q2 2024.
Domestically, bilateral customers contributed N1.2 billion against a total invoiced amount of N1.9 billion.
