Home News Costly Darkness: In seven months, Nigerians spent N258.9 billion on electricity

Costly Darkness: In seven months, Nigerians spent N258.9 billion on electricity

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According to the most recent report from the Nigeria Bulk Energy Trading Plc, NBET, electricity customers in the country spent N258.91 billion for electricity in the first seven months of 2022, despite the epileptic power supply and frequent blackouts.

However, the amount was N194.4 billion less than the N453.31 billion charged for the electricity delivered during the time, according to the data accessed by Vanguard.

The amount fell short of the Minimum Remittance Order, or MRO, that the Nigerian Electricity Regulatory Commission, or NERC, had set for electricity distribution firms, or DisCos, by a further 24.91 percent.

The 11 utilities sent in N38.87 billion in January, N40.08 billion in February, N31.27 billion in March, and N38.78 billion in April, according to a detailed examination of the DisCos’ monthly remittances.

N30.09 billion in May, N33.48 billion in June, and N46.34 billion in July were the other amounts.

A partial Power Purchase Agreement, or PPA, between NERC and generation companies, or GenCos, was activated on July 1 to deliver 5,505 MW of power for peak generation and 4,893 MW for base load.

The action is a part of the government’s efforts to increase the availability of electricity.

The agreement assures that the generation companies will be compensated for the gas that the gas companies supply to the GenCos and for the power that the generation companies supply to the national grid.

The 25 power producing plants on the grid now all have agreements in place to create a specific quantity of power and get paid for it thanks to the new partial power purchase agreements.

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The grid generated 4,718.8 Mega Watts at its peak on Saturday, according to verifications of data on power generation published by the National System Operator, NSO, a division of the Transmission Company of Nigeria, TCN.

NSO statistics indicated that 21 power generation businesses were supplying the grid with 4,187MW as of 3 p.m. on Sunday, with the top four generators being Shiroro Hydro (501MW), Delta (438MW), Azura-Edo IPP (375MW), and Jebba Hydro (369MW).

Mr. Chijoke James, National President of the Nigerian Electricity Consumers Association, told Vanguard over the phone that although the country’s power supply has improved since July 1, 2022, electricity costs have more than tripled.

He claimed that “the DisCos’ bills, particularly for customers on the approximated billing scheme, had tripled.

“It is crucial that the government require the DisCos to give customers meters.

“The policy requiring consumers to pay for meters is incorrect because the meter should be provided free of charge.

“Private meters are the DisCos’ obligation to install for their operations.

Because consumers are paying for electricity they haven’t used, the government needs to stop using the projected billing approach, he continued.

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