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21.09.2022 Featured REPORT: Power Supply Declines, But Distribution Companies Make More Money in 2022

Published 21st Sep, 2022

By Joseph Adeiye

The National Bureau of Statistics (NBS) has revealed that power supply dropped but distribution companies (DisCos) enjoyed a rise in revenue in the first half of 2022 when compared with 2021.

NBS stated this in a report revealing new electricity generation statistics on Tuesday.

“Electricity supply in Q1 2022 stood at 5,956 (Gwh) and 5,227 (Gwh) in Q2 2022, showing a decline of 12.23% on a quarter-on-quarter basis,” the report summary read in part.

“Nevertheless, on a year-on-year basis, electricity supply declined compared with 6,172.19 (Gwh) and 5,882.57 (Gwh) reported in Q1 2021 and Q2 2021 respectively. Revenue generation by the DISCOs stood at 204.74 billion in Q1 2022 and 188.41 billion in Q2 2022. This shows a fall on a quarter-on-quarter basis by 7.97%. On a year-on-year basis, revenue collected rose by 11.42% and 1.71% respectively from 183.74 billion Q1 2021 and 185.24 billion in Q2 2021.”

READ ALSO: VIDEO: UCH Suffers 5-Day Power Outage, Suspends Patient’s Dialysis

The DisCos experienced a jump in revenue collection but saw a decline in customer number.

However, customers captured on the meter system increased on an average close to 10 percent.

“The total customer number in Q1 2022 stood at 10.63 million and 10.81 million in Q2 2022, showing a rise of 1.67% on a quarter-on-quarter basis. On a year-on-year basis, customer number in Q1 2022 declined by 1.36% from Q1 2021 (10.78 million), and also fell in Q2 2022 by 2.27% from Q2 2021 (11.06million),” the NBS report read.

“Metered customers stood at 4.79 million in Q1 2022 and 4.96 million in Q2 2022, indicating a 3.53% increase on a quarter-on-quarter basis. However, on a year-on-year basis, there were growth rates of 10.71% and 9.54% in Q1 and Q2 2022 respectively when compared to 4.33 million recorded in Q1 2021 and 4.53 million in Q2 2021.

READ ALSO: Akeredolu Promised to Power Ondo Community If Re-Elected. Now, He Has Abandoned It
“Similarly, estimated customers stood at 5.84 million in Q1 2022 and 5.85 million in Q2 2022, showing an increase of 0.14% on a quarter-on-quarter basis. On a year-on-year basis, estimated customers declined by 9.45% in Q1 2022, and 10.45% in Q2 2022 when compared to 6.45 million in Q1 2021 and 6.53 million in Q2 2021.”

Nigeria struggled to maintain a healthy increase in power generation after multiple grid collapses in the first half of 2022.

The International Trade Administration believes that the Nigerian power sector will require significantly more investment to achieve reliable power supply in the coming years.

Nigeria is currently facing more financial challenges, spending more to service debts compared with total revenue in 2022.

Published 21st Sep, 2022

By Joseph Adeiye


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