Power generating companies’ transactions hit N331bn in 2016

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From Basil Obasi, Abuja

The National Bureau of Statistics (NBS) Report on Nigerian bulk electricity invoices and payments released at the weekend has revealed that power generating companies (GENCOs) total transaction with the distribution companies (DISCOs) stood at about N N331.02 billion in 2016 while payments of N88.03 billionwere made leaving a balance N242.97 billion recorded at the end of the year.

According to the NBS, a total of N30.51 billion was issued by the generating companies (GENCOs) to the offtakers while a payment of N2 billion and a debit note of N1.12 billion for Net GENCOS imports were made leaving a balance N27.3 billion at the end of 2016.

The report further stated that the generating companies (GENCOs) issued invoices amounting to N331 billion to the distribution companies (DISCOs) with the DISCOs share of the total invoice put at N331 billion while payment N88.03 billion was received with a balance of N242.97 billion recorded at the end of the period under review.

Similarly, the generating companies (GENCOs) issued a total invoice of N361.52 billion with the offtakers share of the total invoice put at N30.2 billion while payment N2 billion was received with a balance of N27.39 billion recorded at the end of 2016.

Meanwhile the month of October recorded the highest invoice of N41.73 billion Eko, Abuja, and Ikeja DisCos as the top three performers during the year with 40 per cent, 35 per cent, and 34 per cent payment figures.

Kano, Yola and Enugu DisCos were at the bottom with nine and 10 per cent figures respectively.

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