Friday, June 14, 2019

Tag "DISCOS"

    Consumers to pay more as FG, investors target $4.3bn for power sector

Consumers to pay more as FG, investors target $4.3bn for power sector

The federal government and core investors in electricity distribution companies (DisCos) are to raise $4.3 billion to recapitalise the firms and improve their services.Usman Mohammed, managing director of Transmission Company of Nigeria (TCN), disclosed this to reporters, saying the fund is meant to upgrade distribution network of DisCos.According to him, the federal government will provide $1.7 billion out of the [...]

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    Report: DisCos require $10bn investment to improve electricity supply in 5 years

Report: DisCos require $10bn investment to improve electricity supply in 5 years

The French Agency for Development (AFD) says the 11 electricity distribution companies (DisCos) in Nigeria will need an investment of $10 billion to improve power supply in the next five years.AFD said it commissioned AF Mercados, a consultancy firm, to carry out an in-depth study of the challenges of the Nigerian Electricity Supply Industry (NESI) with the support of the [...]

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    EXTRA: Buhari wants Nigerians to sleep with both eyes closed – and the DisCos are making this happen, says Shehu Sani

EXTRA: Buhari wants Nigerians to sleep with both eyes closed – and the DisCos are making this happen, says Shehu Sani

Shehu Sani, senator representing Kaduna-central, says electricity distribution companies (DisCos) are the only ones ensuring Nigerians sleep with both eyes closed.Sani said this in reference to the statement President Muhammadu Buhari made when he met with service chiefs on Thursday.The president had charged heads of security agencies to ensure Nigerians go to be rest assured of their safety.“He (Buhari) has given directives [...]

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    Fashola: NERC can revoke licences of non-performing DisCos

Fashola: NERC can revoke licences of non-performing DisCos

Babatunde Fashola, minister of power, works and housing, says the Nigerian Electricity Regulatory Commission (NERC) has the power to revoke licences of non-performing electricity distribution companies (DisCos).Speaking on Thursday at the 2019 Punuka annual lecture in Abuja, Fashola maintained that the regulatory body, not the minister, could either cancel or amend the licences of the DisCos upon consumers complaints.The minister [...]

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    It’s unrealistic to roll out new meters from May, manufacturer tells NERC

It’s unrealistic to roll out new meters from May, manufacturer tells NERC

Momas Electricity Meter Manufacturing Company Limited (MEMMCOL), one of the licensed meter asset providers (MAPs), says the directive to rollout new meters from May 1 is unrealistic.Speaking with reporters in Lagos on Sunday, Kola Balogun, chairman of the company, said some modalities need to be in place before that can work.On Friday, the Nigerian Electricity Regulatory Commission (NERC) had [...]

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    DisCos are responsible for meters, NERC tackles ANED

DisCos are responsible for meters, NERC tackles ANED

The Nigerian Electricity Regulatory Commission (NERC) says it is the obligation of the distribution companies (DisCos) to ensure that consumers are provided with meters under the Meter Asset Providers (MAPs) regulations.In a statement on Monday, the electricity regulatory body said majority of the DisCos that did not meet up the deadline for engaging the firms licensed by the organisation for [...]

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    Blackout looms as GenCos threaten to shut power plants nationwide

Blackout looms as GenCos threaten to shut power plants nationwide

Electricity generation companies have threatened to shut down power plants across the county if the federal government fails to intervene in the challenges troubling them.In a statement on Monday, Joy Ogaji, executive secretary of the Association of Power Generation Companies (APGC), the umbrella body for the GenCos, said the decline in available generation is due to various challenges experienced by [...]

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    Fashola: It’s not govt’s problem if you don’t have power

Fashola: It’s not govt’s problem if you don’t have power

Babatunde Fashola, minister of power, works and housing, says the federal government should not be blamed for the problems in the power sector.According to PUNCH, Fashola made the remark at the Nextier Power Dialogue in Abuja on Wednesday.The minister reportedly blamed the past administration for selling assets that would have been used to rehabilitate the sector, adding that the [...]

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    NERC: Four million electricity customers still without prepaid meters

NERC: Four million electricity customers still without prepaid meters

The Nigerian Electricity Regulatory Commission (NERC) says more than four million electricity customers in Nigeria are still without prepaid meters.In its 2018 second quarter report, the commission disclosed that out of 7,973,867 registered active electricity customers in the country, only 3,547,129 have been metered as of June 2018.The report said the 4,426,738 electricity users who have not been issued meters [...]

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    FG to review performance of DisCos in 2019

FG to review performance of DisCos in 2019

The Bureau of Public Enterprises (BPE) says it will embark on a final performance review of the electricity distribution companies (DisCos) by 2019.In a statement, Alex Okoh, director-general of BPE, said apart from the Kaduna DisCo, 11 DisCos will undergo the review in order to evaluate the achievement of the agreement signed with the federal government in August 2013.He added [...]

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    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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Exchange Rates

June 10, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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