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DisCos Fail To Remit N119.88bn In Q1 2020 – NERC

The Nigerian Electricity Regulatory Commission (NERC) on Monday disclosed that 11 Power Distribution Companies (DisCos) operating in Nigeria failed to remit N119.88bn in the first quarter of 2020.

NERC, in its quarterly report for Q1 2020, said the DisCos did not make the required remittance to stipulated agencies in the industry.

“During the first quarter of 2020, a total invoice of N185.08bn was issued to the 11 Discos for energy received from the Nigerian Bulk Electricity Trading Plc and for service charge by MO (Market Operator).

“But only a sum of N60.20bn of the total invoice was settled, representing 32.53 per cent remittance performance. This represents a 5.79 percentage point decline from the final settlement rate recorded in the fourth quarter of 2019,” part of the report reads.

The Nigerian Electricity Regulatory Commission (NERC) on Monday disclosed that 11 Power Distribution Companies (DisCos) operating in Nigeria failed to remit N119.88bn in the first quarter of 2020.

NERC noted that only three DisCos fully met the expected minimum remittance thresholds to the MO, while none of the 11 Discos fully met the MRTs to NBET.

According to the power sector regulator, the average aggregate remittance performances to MO and NBET were 93.09 percent and 27.96 percent respectively.

It added: “During the quarter under review, the total billing to and collection from electricity consumers by all the 11 Discos stood at N186.82bn and N114.29bn respectively.”

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