The Nigerian Electricity Regulatory Commission reported a revenue of 5.63 billion and an expenditure of 2.46 billion in the second quarter of 2023.
This was indicated by the Commission in its Q2 2023 Electricity on Demand report, which was made public earlier this week.
In 2023/Q2, the Commission generated revenue of $5.63 billion, up $0.90 billion (19.12%) from the revenue of $4.73 billion in the prior quarter (2023/Q1). This is according to the NERC report.
The Commission’s overall spending increased over this time by 0.66 billion (36.7%), going from 1.80 billion in 2023/Q1 to 2.46 billion in 2023/Q2.
With a net cash flow of 3.17 billion, the Commission continued to be profitable. The Commission has generated positive cash flow for 16 consecutive quarters, demonstrating the strength of its business operations.
The average energy offtake by Distribution Companies at their trading points for the second quarter of 2023 was 3,251.31 MWh/h, down from 3,470.13 MWh/h in the first quarter by -218.82 MWh/h (-6.31%), according to the NERC report.
All DisCos used less energy than their available Peak Control Capacity during this time, with the exception of Eko DisCo, which exceeded its PCC and achieved an offtake performance of 116.90%.
Quarter-to-quarter comparisons showed that DisCos’ energy offtake performance had improved overall in 2023/Q2, with a 3.18 percentage point` rise (96.60%) compared to the performance shown in 2023/Q1 (93.42%).
A notable example is Eko DisCo, which increased its offtake performance by 23.44 percent over the course of the two quarters. Jos and Kano DisCos, however, had drops of 3.60 pp and 0.54 pp, respectively.
The total energy consumed by all DisCos in 2023/Q2 was 7,100.87 GWh, but only 5,789.21 GWh was billed, yielding an 81.53% billing efficiency.
This suggests that in 2023/Q2, 18.47 cents of every 100 of the energy collected by DisCos was not billed to end users.
Comparatively, the billing efficiency in 2023/Q1 was 77.97%, showing an improvement in billing efficiency of 3.56 pp over the course of the two quarters.
According to the NERC study, Ikeja DisCo had the highest billing efficiency during the highlighted quarter (92.17%), while Kaduna DisCo had the lowest billing efficiency (64.16%).
With the exception of Benin, all DisCos showed increases in billing efficiency in 2023/Q2 compared to 2023/Q1.
Yola, Kaduna, and Ikeja DisCos, on the other hand, demonstrated the most notable improvements, with rises of 11.09 points, 9.74 points, and 6.66 points, respectively.
