Tuesday, September 25, 2018

Tag "DISCOS"

    NERC: DisCos’ poor remittances deepen liquidity challenge in power sector

NERC: DisCos’ poor remittances deepen liquidity challenge in power sector

The Nigerian Electricity Regulatory Commission (NERC) says poor remittances by electricity distribution companies (DisCos) to the Nigerian Bulk Electricity Trader (NBET) has deepened liquidity challenge in the sector.In the 2017 third quarter report of the power sector, NERC said during the three months under review, DisCos paid N44bn from N147bn invoice issued by NBET, leaving a shortfall of N103bn.The report [...]

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    NERC: Electricity consumers’ complaints declined in Q3 2017

NERC: Electricity consumers’ complaints declined in Q3 2017

The Nigerian Electricity Regulatory Commission says electricity distribution companies (DisCos) received 109,048 complaints from consumers in the third quarter of 2017.This was disclosed on Tuesday in the quarterly report of the commission.The report showed a decline in the number of complaints, a slight improvement from the 116,761 complaints received in the second quarter of 2017.According to the report, an average [...]

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    Fashola: FG’s N701bn fund raised power generation by 3,000MW

Fashola: FG’s N701bn fund raised power generation by 3,000MW

Babatunde Fashola, minister of power, works and housing, says the N701bn payment assurance guarantee fund for electricity generation companies (GenCos) has raised power generation capacity to 7,000 megawatts (MW).The minister disclosed this on Monday at the 29th monthly power sector meeting hosted by Mainstream Energy Solutions Limited (MESL) in Minna, Niger state.Fashola said the payment which started in 2017 had [...]

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    Power generation: Fashola replies DisCos, says Nigerians traumatised by your service

Power generation: Fashola replies DisCos, says Nigerians traumatised by your service

Babatunde Fashola, minister of power, works and housing, has reacted to claims by electricity distribution companies (DisCos) that he misled Nigerians on power generation capacity.Sunday Oduntan, executive director, Association of Nigerian Electricity Distributors (ANED), the umbrella body of DisCos, had said the federal government lied about an improvement in power generation.In a statement on Friday, Fashola said Nigerians can testify to the [...]

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    FG to review power sector privatisation

FG to review power sector privatisation

President Muhammadu Buhari says his government will restructure the power sector to optimise the operations of electricity distribution companies (DisCos).The president, who was represented by Zainab Ahmed, minister of state for budget and national planning, said this at the end of the 23rd Nigerian Economic Summit in Abuja on Thursday.He said the review would effect changes in the ownership structures of [...]

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    Investors call for restructuring of power sector

Investors call for restructuring of power sector

Some participants at the Nigerian Economic Summit holding in Abuja have called for the restructuring of power.Tony Elumelu, chairman of Heirs Holding, said the power sector needs to be recapitalised, citing access to electricity as a game-changer in the development of the nation’s economy.Elumelu advised the government to increase their investment in the sector, scaling up ownership from 51% to [...]

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    FG approves N25.9bn to settle debt owed DisCos

FG approves N25.9bn to settle debt owed DisCos

The federal executive council (FEC) has approved the payment of N25.99 billion debt owed by ministries, departments, and agencies (MDAs) to electricity distribution companies (DisCos).The amount is part of the N67.41 billion the discos said they were being owed by the MDAs.Babatunde Fashola, minister of power, works and housing, divulged this to state house reporters shortly after the FEC meeting [...]

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    Estimated billing will soon end, DisCos assure customers

Estimated billing will soon end, DisCos assure customers

Electricity distribution companies (DisCos) say they are working to fulfil their metering obligations to consumers with minimal power consumption in a bid to phase out estimated billing.The DisCos made this assurance in a statement signed by Azu Obiaya, chief executive officer of the Association of Nigerian Electricity Distributors (ANED).They said that their metering targets, which was captured in the performance [...]

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    Fashola: FG will soon supply 3 million prepaid meters to Nigerians

Fashola: FG will soon supply 3 million prepaid meters to Nigerians

Babatunde Fashola, minister of power, says the federal government has plans to supply more than three million prepaid meters.NAN reports that the federal government intervention programme aims to combat the incapacity of electricity distribution companies (DisCos) to meter all the houses of consumers across the country.Fashola, who also heads the ministries of works and housing, said the contract for the [...]

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    FG, Fashola sued by SERAP for ‘failing to provide free prepaid meters to Nigerians’

FG, Fashola sued by SERAP for ‘failing to provide free prepaid meters to Nigerians’

The Socio-Economic Rights and Accountability Project (SERAP) has sued the federal government and Babatunde Fashola, minister of power, works and housing, over their failure to instruct electricity distribution companies (DISCOs) to provide free prepaid meters to all Nigerians.The group also seeks a court order to compel Fashola and government end the use of "patently illegal, arbitrary, unfair and discriminatory estimated [...]

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    You were not forced to buy power assets, Fashola tells DisCos

You were not forced to buy power assets, Fashola tells DisCos

Babatunde Fashola, minister of power, works and housing, on Monday, told electricity distribution companies that nobody forced them to acquire power assets.The minister chided DisCos over their inability to meet the electricity needs of consumers.Speaking in Plateau state during a monthly meeting of stakeholders in the power sector, Fashola told DisCos to stop complaining while reacting to their reasons for [...]

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    We need N100bn from FG to improve power supply, say DisCos

We need N100bn from FG to improve power supply, say DisCos

The Association of Electricity Distribution Companies (ANED) has appealed to the federal government to provide the N100 billion subsidy it promised after private investors took over the power sector utilities on November 1, 2013.In a statement by Sunny Oduntan, its executive director, ANED urged the government to inject funds into the transmission section of the sector.He said that the inadequate [...]

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    This government won’t succumb to blackmail, Fashola tells DISCOs

This government won’t succumb to blackmail, Fashola tells DISCOs

Babatunde Fashola, minister of power, works and housing, says the current administration will not succumb to alleged blackmail by electricity distribution companies (DISCOs).In a statement issued by Hakeem Bello, his media aide, the minister said the companies were threatening the government over outstanding debts, which ministries, departments and agencies (MDA), were owing them.Fashola alleged that the DISCOs had so far [...]

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    Fashola: We’re building 37 power plants to replace 1,105 generators

Fashola: We’re building 37 power plants to replace 1,105 generators

Babtunde Fashola, minster of power, works and housing, says the federal government is building 37 power plants to replace 1,105 generators across the country.Fashola disclosed this at a business forum in Abuja.He said the government would use 44 tertiary institutions and small hydro dams in the rural areas as anchors for the electrification programme.Fashola said the money would be deployed [...]

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    CBN disburses N120bn to tackle DISCOs funding challenge

CBN disburses N120bn to tackle DISCOs funding challenge

The Central Bank of Nigeria (CBN) has stepped in, to address the liquidity and funding challenges facing the power sector, by disbursing a total of N120.2 billion to players in the sector.In a statement Wednesday, the CBN said different electricity distribution companies (DISCOs), power generating companies (GENCOs), service providers and gas companies were benefiting from the facility.The fourth tranche of [...]

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    DISCOs: Electricity tariff MAY go up in 2017

DISCOs: Electricity tariff MAY go up in 2017

The Association of Nigerian Electricity Distributor (ANED) says electricity tariff may go up again in 2017, but this time, "modestly".Speaking at a press conference in Lagos, John Donnachie, managing director and chief executive officer of Ibadan Electricity Distribution Company, said the Discos inherited a backlog of underinvestment, which must be surmounted.“In order to address shortfall, we need to borrow, and [...]

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Exchange Rates

September 24, 2018USDGBPEUR
INTERBANK360.45480.18420.32
LAGOS360485425
KANO361483423
PH362482423
ABUJA362481423
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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