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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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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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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