• Monday, July 22, 2024
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11 DisCos revenue up 17% to N291bn in Q1

11 DisCos revenue up 17% to N291bn in Q1

The eleven electricity distribution companies (DisCos) recorded a 17 percent increase in revenue from N247.33 billion in Q1 2023 to N291.62 billion in Q1 2024, the National Bureau of Statistics report has shown.

The total revenue is, however, a slight decline compared to N294.95 billion in Q4 2023.

According to the report, Ikeja Electricity Distribution Company (IEDC) recorded the highest revenue in the period at N57.87 billion, followed by Abuja Electricity Distribution Company (AEDC) and Eko Electricity Distribution Company (EKDC) at N48.60 billion and N48.74 billion.

Read also: Ikeja, Abuja DisCos to lead meter installation drive for Band customers

Ibadan DisCos generated N30.3 billion, Benin DisCos had N22 billion, Enugu DisCos had N21 billion, Port Harcourt DisCos had N20 billion, and Jos and Kano DisCos had N13 billion respectively.

Yola DisCos generated the least revenue in the period at N5.4 billion, followed by Kaduna DisCos at N9.6 billion.

According to the report, the total electricity customers in the period was 12,333,999, of which total metered customers stood at 5,907,644.

“Total customers in Q1 2024 stood at 12.33 million from 12.12 million in Q4 2023, showing an increase of 1.78 percent. On a year-on-year basis, customer numbers in Q1 2024 rose by 9.47 percent from 11.27 million reported in Q1 2023.

“Similarly, metered customers stood at 5.91 million in Q1 2024, indicating a growth of 5.38 percent from 5.61 million recorded in the preceding quarter. On a year-on-year basis, this grew by 11.26 percent from the figure reported in Q1 2023 which was 5.31 million.

Read also: Court stops DisCos, NERC from hiking electricity tariff

“In addition, estimated customers during the quarter were 6.43 million, higher by 10.22 percent from 5.83 million in Q4 2023. On a year-on-year basis, estimated customers increased by 7.88 percent in Q1 2024 from 5.96 million in Q1 2023.

The report also showed that total electricity supplied and billed dropped to 5,769 GWh from 6,432.22 GWh supplied in Q4 2023.