12 Discos collect N291.62bn in Q1 2024

Ilenre Irele

The Nigerian power sector has posted a significant revenue boost in the first quarter of 2024, with 12 Distribution Companies, DisCos, raking in a total of N291.62 billion.

According to the National Bureau of Statistics, NBS, this figure represents a 17.91percent increase compared to the N247.33 billion recorded in the same period last year.

The NBS report also showed a growth in customer numbers, with total customers increasing by 1.78% to 12.33 million, and metered customers rising by 5.38% to 5.91 million.

While electricity supply dipped by 1.41% to 5,769.52 Gigawatt-hours, GWh, the revenue growth suggests a positive trend for the sector.

Eko Electricity Distribution Company, EKEDC made the highest revenue of N48.74billion closely followed by Abuja Electricity Distribution Company, AEDC with N48.60 billion in Q1 2024.

“Metered customers stood at 5.91 million in Q1 2024, indicating a growth of 5.38% 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.

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

“Revenue collected by the DisCos during the period was N291.62 billion from N294.95 billion in Q4 2023. On a year-on-year basis, revenue generated in the reference period rose by 17.91% from N247.33 billion recorded in Q1 2023.

“Electricity supply was 5,769.52 Gwh in Q1 2024 from 6,432.22Gwh in the previous quarter. However, on a year-on-year basis, electricity supply decreased by 1.41% compared to 5,851.87 Gwh reported in Q1 2023.”