The 11 electricity distribution companies (DisCos) raked in N243 billion in revenue in Q4, 2022, the highest in four quarters, a document by the Nigerian Electricity Regulatory Commission (NERC), has revealed.
The document released by NERC over the weekend shows that the total revenue collected by the DisCos increased by 24.9 percent from N188.2 billion in Q2 2022.
According to NERC, collection efficiency and billings improved in the third and fourth quarters of last year.
“The overall rise in collection efficiency in Q3 2022 was attributed to the increased metering and efficient implementation of the capping order. While the increase in collection efficiency in Q4 2022 could be attributed to the increased metering by the DisCos and the implementation of various collection campaigns to improve remittance for post-paid customers.
“In Q3 2022, total DisCos revenue was N210.67 billion out of N291.66 billion billed to customers—this corresponds to a collection efficiency of 72.23 percent which represents a 1.36 percentage points increase compared to Q2 2022 (70.87 percent).
“Relative to Q2 2022, both the billings and collections increased — billing increased by N25.98 billion (+9.78 percent) and collections increased by N22.28 billion (+11.89 percent).
“The total revenue collected by all DisCos in Q4 2022 was N243.65 billion out of N332.28 billion billed to customers —this corresponds to a collection efficiency of 73.33 percent which represents a +1.10 percentage point increase compared to 2022/Q3 (72.23 percent).
“Relative to Q3 2022, the total billing and total collections increased: billing increased by N40.62 billion (+13.93 percent) and collections increased by N32.98 billion (+15.65 percent),” NERC said.