DISCOs grow revenue by 28% in Q3 2023

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Electricity Distribution Companies increased their earnings by 28.40% in the third quarter of 2023 to N260.16 billion from N202.62 billion recorded in Q3 2022.

‘’Revenue collected by the DISCOs during the period was N260.16 billion from N263.08 billion in Q2 2023. On a year-on-year basis, revenue generated in the reference period rose by 28.40% from N202.62 billion recorded in Q3 2022,’’ a statement released by the National Bureau of Statistics revealed.

Total customer numbers in Q3 2023 stood at 11.71 million from 11.47 million in Q2 2023, showing an increase of 2.08%. On a year-on-year basis, customer numbers in Q3 2023 rose by 7.09 per cent from 10.94 million reported in Q3 2022.

Similarly, metered customers stood at 5.68 million in Q3 2023, indicating a growth of 3.77% from 5.47 million recorded in the preceding quarter.

On a year-on-year basis, this grew by 13.07% from the figure reported in Q3 2022 which was 5.02 million.

In addition, estimated customers during the quarter were 6.03 million, higher by 0.53% from 6.00 million in Q2 2023. On a year-on-year basis, estimated customers increased by 2.02% in Q3 2023 from 5.91 million in Q3 2022.

Electricity supply was 5,731.60 (Gwh) in Q3 2023 from 5,909.83 (Gwh) in the previous quarter.

However, on a year-on-year basis, electricity supply increased by 14.09 per cent compared to 5,023.96 (Gwh) reported in Q3 2022.

In a bid to ramp up electricity generation and distribution across the country, 13 new companies were issued new licences recently for the generation of off-grid and embedded power, independent electricity distribution, as well as for the trading of electricity.

The issuance of licences for the generation of electricity by the government through NERC is another way of boosting the country’s power supply and reducing the number of persons who lack electricity.