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Tag: discos

Discos failed to remit N208bn in 2022- FG
News

Discos failed to remit N208bn in 2022- FG

      The Federal Government has reported that in 2022, power distribution companies failed to remit N208.8bn to the Nigeria Electricity Supply Industry. The Nigerian Electricity Regulatory Commission’s Fourth Quarter 2022 Report, along with reports from the preceding quarters, indicate that the Discos failed to make full remittances during this period. The Discos refer […]

Electricity

How DisCos paid NBET N212bn in six months – Report

Electricity distribution companies otherwise known as DisCos, paid N212 billion of their total invoice to the Nigerian Bulk Electricity Trading Plc, between January and June 2022. According to the Nigerian Tribune, this is based on a total invoice value of N388 billion and a minimum remittance order of N315 billion. The report also stated that […]

Energy transition: Osinbajo meets Siemens officials
News

FG completes acquisition of four DisCos

The Federal Government has completed the acquisition of four energy distribution firms and established the board of the Nigeria Electricity Liability Management Company. Vice President Yemi Osinbajo, on Friday, said the newly constituted board of the Nigeria Electricity Liability Management Company would enhance ongoing efforts to resolve the liabilities relating to tariff shortfalls for power […]

Power generation dropped 43mw after worker's strike - FG
Energy

FG may suspend distribution of free four million meters

Phase 1 of the National Mass Metering Programme slated for distribution in August, funded by the Federal Government has been halted following allegations of fraud against some of the Meter Asset Providers by the Central Bank of Nigeria. An anonymous source told The PUNCH that power distribution companies were yet to be furnished with meters […]

Electricity

Blackout as national grid collapses again

Nigeria’s power grid collapsed again on Wednesday, making it the sixth time that the system had crashed in 2022. The grid crashed from the 3,921.8 megawatts that was generated at 6am to as low as 50MW around 12.23pm, causing widespread blackout across the country. Industry figures obtained from the Federal Ministry of Power in Abuja […]

Electricity

Blackout: Delta court orders disco to pay N20m damages

The Benin Electricity Development Company has been ordered to pay a sum of N20 million as damages to the Edjemuonyavwe community in Oghara following their disconnection from the national grid since November 2017. According to The PUNCH, the order was given by a High Court sitting in Oghara, Delta State. The trial judge, Justice A. […]

Electricity

Discos to fight FG over takeover, restructuring

The receiver/manager’s nominee of Integrated Energy Distribution and Marketing Company has kicked against the Federal Government’s takeover and restricting plans. According to The PUNCH, the firm on Wednesday said it was the legal and beneficial owner of 60 per cent (controlling and managing) shareholding interests in the Ibadan Electricity Distribution Company. Also, the management of […]

Electricity

Consumers kick as DisCos’payment to Gencos drop by 50%

Electricity distribution companies’ payment to generation companies for electricity generation has dropped by 50 per cent. According to industry data, DisCos were unable to pay GenCos full payment for the quantity of power generated in January 2022. As a result, the generation companies recorded a 50 per cent revenue shortfall. A breakdown of the data showed […]

Electricity

FG hikes electricity tariff, consumers condemn power sector privatisation

The Federal Government through its Nigerian Electricity Regulatory Commission on Thursday officially released different documents indicating the approved power tariff increase payable by consumers to various electricity distribution companies in Nigeria. In different orders to the 11 Discos operating in Nigeria, the commission stated that the tariff hike was based on the extraordinary review of […]

Power generation dropped 43mw after worker's strike - FG
Electricity

Power firms owe banks N861.14bn amid electricity crisis

THE debt owed to Nigerian banks by operators in the power sector rose by 12.83 per cent in one year to N861.14bn in December 2021 amid the lingering problems plaguing the sector since it was privatised over eight years ago, according to the Central Bank of Nigeria data. In July 2020, core investors in the […]

Energy

NASS proposing criminalising illegal connection – NERC

THE National Electricity Regulatory Commission has urged consumers to know their rights and obligations within the sector, noting that it will help strengthen the business relationship between the Discos and consumers. Speaking at the Discos and Customers Care Forum in Benin, Edo State on Wednesday, NERC’s Commissioner for Consumer Affairs, Aisha Mohammed, said the mandate […]

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