The total amount of revenue generated by electricity distribution companies rose by 20.81 per cent despite a drop of 1.74 per cent in supply, according to the new Electricity Report for the first quarter of 2023 by the National Bureau of Statistics.
According to the report, a year-on-year analysis showed that Discos collected N247.33bn as revenue in Q1 2023, which is higher than the N204.74bn recorded in Q1 2022.
However, the electricity supply was 5,852 Gigawatt hours in Q1 2023, down from 5,956 Gwh reported in Q1 2022.
The report also indicated that Discos collected N232.32bn in Q4, 2022, bringing the total revenue raked in by the companies in six months to N479.65bn.
The 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.
The PUNCH in January this year reported that electricity distribution companies quietly increased the tariff payable by power consumers across the country.
Although most of the Discos did not make this public, electricity users have kicked against the move, describing it as “a perfect robbery” amidst the harsh economic realities in Nigeria currently.
In a separate report, the NBS said there was an increase the average retail price of automotive gas oil paid by consumers in May 2023.