NBS details how power distributed companies N480bn in less than a year

According to the new Electricity Report for the first quarter of 2023 by the National Bureau of Statistics (NBS), the total amount of income earned by electricity distribution businesses increased by 20.81 percent despite a decline in supply of 1.74 percent.

In the first quarter of 2023, Discos earned N247.33 billion in revenue, more than double the N204.74 billion they brought in in the same quarter the previous year, the NBS report claims.

However, compared to the 5,956 Gigawatt hours recorded in Q1 2022, the power supply was 5,852 Gwh in Q1 2023.

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Additionally, according to the study, Discos made N232.32 billion in Q4 2022, increasing the total amount of money the companies made in six months to N479.65 billion.

The NBS report read in part, “Revenue collected by the Discos during the period was N247.33bn from N232.32bn in Q4 2022. On a year-on-year basis, revenue generated in the reference period rose by 20.81 per cent from N204.74bn recorded in Q1 2022.

“Electricity supply was 5,852 (Gwh) in Q1 2023 from 5,611 (Gwh) in the previous quarter. However, on a year-on-year basis, electricity supply declined by 1.74 per cent compared to 5,956 (Gwh) reported in Q1 2022.”

It was also disclosed that there was a rise in the total number of customers, with the total hitting 11.27 million in Q1 2023.

The report added, “Total customer numbers in Q1 2023 stood at 11.27 million from 11.06 million in Q4 2022, showing an increase of 1.89 per cent. On a year-on-year basis, customer numbers in Q1 2023 rose by 5.99 per cent from 10.63 million reported in Q1 2022.

“Similarly, metered customers stood at 5.31 million in Q1 2023, indicating a growth of 3.61 per cent from 5.13 million recorded in the preceding quarter. On a year-on-year basis, this grew by 10.86 per cent from the figure reported in Q1 2022 which was 4.79 million.

“In addition, estimated customers during the quarter were 5.96 million in Q1 2023, higher by 0.40 per cent from 5.93 million in Q4 2022. On a year-on-year basis, estimated customers increased by 1.99 per cent in Q1 2023 from 5.84 million in Q1 2022.”

The report further showed that Ibadan Electricity Distribution Company had the highest number of customers, about 2.23 million.

It was followed by Abuja Electricity Distribution Company (1.32 million) and Enugu Electricity Distribution Company (1.23 million).

Ikeja Electricity Distribution Company with a customer base of 1.07 million had the highest revenue of N49.76m, while Eko Electricity Distribution Company with a customer base of about 666,941 had a revenue of N41.73m.

They are followed by Abuja Electricity Distribution Company, which had a revenue of N38.12m in Q1 2023.