TheCable

Electricity distribution companies (DisCos) in Nigeria made a total of N247.33 billion in the first three months of 2023.

The National Bureau of Statistics (NBS) disclosed this in its latest report on electricity for Q1 2023, released on Wednesday.

The bureau explained that revenue generated by the DisCos rose by 20.81 percent despite a drop of 1.74 percent in supply.

“Revenue collected by the DisCos during the period was N247.33 billion from N232.32 billion in Q4 2022,” the report reads.

“On a year-on-year basis, revenue generated in the reference period rose by 20.81 percent from N204.74 billion recorded in Q1 2022.

“Electricity supply was 5,852 (Gwh) in Q1 2023 from 5,611 (Gwh) in the previous quarter.

“However, on a year-on-year basis, electricity supply declined by 1.74 percent compared to 5,956 (Gwh) reported in Q1 2022.”

Further Analysis by TheCable Index shows that the revenue generated by DisCos in Q1 2023 is the highest in the last five quarters.

In Q1 2022, the revenue stood at N204.7 billion and decreased in Q2 2023 to N188.41 billion. It further picked up to N202.62 billion in Q3 2022 and Q4 2022 (N232.32 billion).

According to the report, there was an increase in the total number of customers gained by the DisCos, with the total hitting 11.27 million in Q1 2023.

“Total customer numbers in Q1 2023 stood at 11.27 million from 11.06 million in Q4 2022, showing an increase of 1.89 percent ,” the report reads.

“On a year-on-year basis, customer numbers in Q1 2023 rose by 5.99 percent from 10.63 million reported in Q1 2022.

“Similarly, metered customers stood at 5.31 million in Q1 2023, indicating a growth of 3.61 percent from 5.13 million recorded in the preceding quarter. On a year-on-year basis, this grew by 10.86 percent from the figure reported in Q1 2022 which was 4.79 million.”

IKEJA ELECTRICITY MADE THE MOST MONEY

The report also shows that estimated customers were 5.96 million in Q1 2023, higher by 0.40 percent from 5.93 million in Q4 2022.

On a year-on-year basis, estimated customers increased by 1.99 percent in Q1 2023 from 5.84 million in Q1 2022.

Ibadan electricity distribution company had the highest number of customers of 2.23 million, followed by Abuja electricity distribution company (1.32 million) and Enugu electricity distribution company (1.23 million).

Though with the highest revenue of N49.8 million, Ikeja electricity distribution company had a customer base of 1.07 million.

In a bid to improve the electricity generation in the country, in June 2023, President Bola Tinubu assented to the electricity bill, which empowers states, companies and individuals to generate, transmit, and distribute electricity.

The new electricity law repeals the Electricity and Power Sector Reform Act of 2005 and consolidates the laws relating to the Nigerian Electricity Supply Industry (NESI).

TheCable had reported that the senate passed the electricity bill in July 2022 to solve the sector’s challenges.