DisCos fail to remit N120.85b to NBET in Q3 2019
The 11 electricity Distribution Companies failed to remit N120.85 to the Nigeria Bulk Electricity Trading in the Third Quarter of last year, The Nation learnt at the weekend.
The report said despite the recent improvement, the liquidity challenge was still a major issue in the Nigerian electricity supply industry. The commission said: “During the third quarter, DisCos were issued a total invoice of ₦179.66billion for energy received from NBET and for administrative services by MO, but only a total of ₦58.81billion of the invoice was settled as and when due, creating a total deficit of N120.85billion.”
The report said NERC, was an indication “that regardless of the prevailing tariff shortfall DisCos’ remittance was still significantly below the expected minimum threshold having adjusted for tariff shortfall.“To ensure business continuity and improve sector liquidity, therefore, DisCos must improve on efforts towards reducing their ATC&C losses.”
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