The Nigerian Electricity Regulatory Commission (NERC) has announced that power distribution companies (DisCos) across Nigeria remitted ₦706.73 billion in 2023, Okay.ng reports.
In its 2023 annual report and accounts, released on Monday, NERC revealed that DisCos received a total invoice of ₦858.03 billion for energy purchased from the Nigerian Bulk Electricity Trading (NBET) and service charges by the Market Operator (MO).
Despite the significant remittance, the DisCos accrued a deficit of ₦151.3 billion, achieving an overall remittance performance of 82.37%.
According to NERC, NBET issued invoices amounting to ₦685.69 billion, while the MO’s service charges for the year totaled ₦172.33 billion.
NERC said: “Out of the ₦685.69 billion invoice issued by NBET in 2023, DisCos remitted ₦578.43 billion translating to a remittance performance of 84.34%.
“The top performing DisCos were Eko (105.76%), Yola (105.24%), Ikeja (96.20%), Benin (95.15%) and Ibadan (93.11%).
“Conversely, Kaduna DisCo recorded the lowest remittance performance to NBET in 2023 (17.59%).
“The MO invoice in 2023 was ₦172.33 billion, and the DisCos remitted ₦128.40 billion, translating to a 74.51% remittance performance rate. The top-performing DisCos were Yola (90.91%), Eko (90.85%) and Ikeja (90.38%) with remittances above 90% to the MO in 2023.”
