Wednesday, October 16, 2019

Tag "DISCOS"

    Gbajabiamila: We won’t allow DisCos to continue estimated billing

Gbajabiamila: We won’t allow DisCos to continue estimated billing

Femi Gbajabiamila, speaker of the house of representatives, says the lower legislative chamber will not allow electricity distribution companies (DisCos) to continue fleecing Nigerians with the estimated-billing system.Speaking on Wednesday when he hosted the management of the Transmission Company of Nigeria (TCN), the speaker said the house will revisit the law against the practice.In January, the house passed a bill [...]

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    NERC: We made consultations before increasing electricity tariff

NERC: We made consultations before increasing electricity tariff

The Nigerian Electricity Regulatory Commission (NERC) says the decision to increase tariff was taken after consulting Electricity Distribution Companies (DisCos) and stakeholders in the sector.James Momoh, chairman of NERC, said this while addressing reporters when Sale Mamman, minister of power, assumed office on Thursday.In a statement on its website, NERC had announced that from January 1, 2020, it shall make necessary [...]

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    Osinbajo: DisCos underperforming… we need a new strategy

Osinbajo: DisCos underperforming… we need a new strategy

Vice President Yemi Osinbajo has faulted electricity distribution companies (DisCos), accusing them of performing below expectation.Speaking at the inauguration of some transmission lines at in Abeokuta, Ogun state capital, on Thursday, Osinbajo said the 11 DisCos are only able to distribute 4,000MW or less out of 7,000 generated.The vice-president, who said there is need for a "substantial change of strategy", did [...]

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    NLC to NERC: Nigerians can’t afford increase in electricity tariff

NLC to NERC: Nigerians can’t afford increase in electricity tariff

The Nigeria Labour Congress (NLC) says consumers cannot afford to pay high electricity bills if there is a further increase in energy tariff.Ayuba Wabba, NLC president, made this statement on Monday while speaking at the public consultation on capping of estimated billing by the Nigerian Electricity Regulatory Commission (NERC) in Abuja.Describing the proposed increase in tariff as exploitative billing, he [...]

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    Blackout looms as FG moves to cut off three DisCos from national grid

Blackout looms as FG moves to cut off three DisCos from national grid

The federal government has ordered the disconnection of three electricity distribution companies from the national grid over "non-compliance with the conditions of market rules".DisCos are allegedly owing the Transmission Company of Nigeria (TCN) N231 billion energy service debt.In notices issued by the market operator, an arm of the TCN, a directive was given for the suspension of - Eko, Enugu [...]

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    DisCos demand cost recovery framework to invest in electricity

DisCos demand cost recovery framework to invest in electricity

The electricity distribution companies (DisCos) have demanded a cost recovery framework before making investments in power distribution.Speaking at a seminar for the preparation of performance improvement plans (PIP) by DisCos, Azu Obiaya, chief executive officer of the Association of Nigerian Electricity Distributors (ANED), said the framework is necessary to align the sector towards commercial viability and sustainability.The Nigerian Electricity [...]

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    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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Exchange Rates

October 14, 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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