Liquidity crisis: DisCos owe N6.4bn for November supply

The 11 electricity Distribution Companies (DisCos) paid N3.3 billion of the N9.7bn invoice for service provider charges issued for November, the Market Operator (MO), a section of the Transmission Company of Nigeria (TCN), has said.   


A presentation during the recent 23rd monthly sectorial meeting by the Head of MO, Moshood Saleeman, said the DisCos still owe N6.4bn as shortfall for the month with an interest of N992 million that had accrued on their outstanding balance.

Yola DisCo, managed by the Federal Government, cleared its service providers’ charges by 100 per cent with a N334.4m invoice.

Among the 10 private DisCos, Eko remitted the highest figure of N885.1m  from a N1.1bn invoice representing 80 per cent. It was followed by Ikeja DisCo which did 62 per cent remittance of N597.6m from N969.9m invoice. 

The lowest was Kaduna DisCo which could not remit any part of its N648.4m invoice; there was also no payment from the international customers whose invoices was at N723m.

The Nigerian Bulk Electricity Trading Plc (NBET) report at the meeting showed that the Generation Companies (GenCos) issued N47.58bn invoices to it as October energy charge. It paid N10.55bn to the GenCos, representing 22.1 per cent remittance. 

NBET said it also issued N43.96bn energy invoices to the DisCos for October 2017 but received N9.89bn, representing 22.5 per cent. It also received another N661m as late payment for September invoice comprising N200m from Abuja DisCo, N300m from Port Harcourt DisCo and N161.8m from Yola DisCo. The total receipt was N10.55bn for October, it said.

The agency said it did not receive payment from the international customers for October 2017.

The N10.55bn receipt paid by the DisCos for October energy bill was lower than the N11.4bn received in September and N13.5bn received for August, the report revealed.


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