• Thursday, July 25, 2024
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BusinessDay

DisCos revenue increase by 17% to N291 bn in Q1 2024

Lagos shoots for improved power with new electricity Law

The eleven electricity distribution companies (DisCos) recorded a 17 per cent increase in revenue from N247.33 billion in the first quarter of 2023, to N291.62 billion in the first quarter of 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.

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 number of electricity customers in the period was 12,333,999, of which total metered customers stood at 5,907,644. Indicating over 6 million.

“Total customer numbers in Q1 2024 stood at 12.33 million from 12.12 million in Q4 2023, showing an increase of 1.78 per cent. On a year-on-year basis, customer numbers in Q1 2024 rose by 9.47 per cent 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 per cent from 5.61 million recorded in the preceding quarter. On a year-on-year basis, this grew by 11.26% from the figure reported in Q1 2023 which was 5.31 million.

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