The international bilateral electricity customers of the Republic of Benin and Togo owe Nigeria $5.79 million for energy consumed in the second quarter of 2024.
The Nigerian Electricity Regulatory Commission disclosed this in its latest Q2 2024 report analyzed by our correspondent on Sunday.
Of the $15.6 million in invoices issued by the market operator between April and June, overseas customers remitted $9.81 million.
Foreign companies taking electricity from Nigeria are Para-SBEE of Benin Republic ($1.23 million), Transcorp-SBEE of Benin, Mainstream-NIGELEC of Togo ($1.09 million), and Odukpani-CEET of Togo ($3.47 million). ).
Para-SBEE of the Republic of Benin remitted 71.21% of the invoiced amount of $4.29 million, and Transcorp-SBEE of Benin remitted 100% of the invoiced amount of $4.25 million. Togo’s mainstream – NIGELEC paid $69.72 of the $3.59 million, and Odukpani – CEET did not remit anything during the period.
In the first quarter, The Punch reported that none of the four international bilateral customers supplied by the power generation company owed $14.19 million in cumulative invoices issued by the market operator for services provided. It was reported that the payment had not been made.
The second quarter report noted that some bilateral customers (both domestic and international customers) paid their outstanding invoices from the previous quarter.
“Cumulatively, international bilateral customers paid a total of $16.65 million. Transcorp-SBEE and Mainstream-NIGELEC have paid all outstanding invoices from the previous quarter,” the report said. The book has been revealed.
Furthermore, “Four international bilateral customers supplied by NESI’s Gencos received $9.81 million in cumulative invoices issued by MO for services rendered in the second quarter of 2024 of $15.6 million. , and the actual remittance rate is equivalent to 62.88%,” he added. ”
NERC noted that domestic bilateral customers paid N1.3 billion against the cumulative invoice of N1.99 billion issued by the MO for services rendered in the second quarter of 2024; The actual remittance amount was equivalent to 65.07%.
The market operator received N1.3 billion in unpaid invoices from domestic bilateral customers for the last quarter.
Mainstream Energy Solutions is said to have paid all outstanding invoices from the previous quarter.
In terms of electricity subsidy, from Q1 2024 to Q2 2024, the federal government subsidy obligation will range from 633.3 billion Naira (90.57 per cent of the total Genco bill) to 380.06 billion Naira (52.51 per cent). It was revealed that the amount was reduced by 253.24 billion naira. (out of total Genco bill).
“The significant reduction in Federal Government subsidy obligations is a result of the Government’s policy directive to carry out a review of the charges levied on Band A customers, while charges for Band BE customers will be reduced from December 2022 onwards. remains frozen in fees paid,” it explained.
The commission revealed that the total revenue collected by all discos in the second quarter of 2024 was N431.16 billion out of N543.64 billion billed to customers. This corresponds to a collection efficiency of 79.31 percent.
In comparison, the total revenue collected by all Discos in the first quarter of 2024 was N291.62 billion out of N368.65 billion invoiced to customers, which corresponds to a collection efficiency of 79.11 per cent. The collection efficiency of 79.31 percent recorded in 2024/Q2 is 0.20 pp higher than the collection efficiency recorded in 2024/Q1.
Ikeja and Eko Disco reportedly recorded the highest collection efficiency of 94.67 percent and 88.03 percent respectively. Conversely, Yola Disco recorded the lowest collection efficiency of 55.67%.
