- Stock market investors gain N158.34bn
BY FESTUS OKOROMADU, ABUJA
The Nigerian Electricity Regulatory Commission said the electricity industry recorded improved remittance in the second quarter of 2023 as a total remittance from the Distribution Companies stood at N185.36 billion translating to 95.21 percent payment against the N194.69 billion invoice issued the DisCos during the period.
This was contained in NERC’s commercial performance of 2023/Q2 report released on Tuesday.
The report said the cumulative upstream invoice payable by DisCos for the period was ₦194.69 billion, consisting of ₦154.04 billion for generation costs from Nigerian Bulk Electricity Trading Company and ₦40.65 billion for transmission and administrative services by the Market Operator.
However, the DisCos collectively remitted a total sum of ₦185.36 billion, consisting of ₦152.48 billion for NBET and ₦32.88 billion for MO, with an outstanding balance of ₦9.32 billion.
This translates to a remittance performance of 95.21 percent in 2023/Q2 compared to the 67.43 percent recorded in 2023/Q1.
The report also said only one of its international customers serviced by the MO, remitted $1.43 million against an invoice of N2.13 million.
“Special and Cross-border Customers in 2023/Q2, out of the four (4) international customers serviced by the MO, only Transcorp-SBEE made a payment of $1.43 million against an invoice of $2.13 million issued for services rendered in 2023/Q2.
“The 3 other international customers did not make any payment against the $11.97 million invoice issued to them by the MO for services rendered in 2023/Q22. Cumulatively, bilateral customers made a total payment of ₦816.66 million against the cumulative invoice of ₦2,845.08 million issued to them by the MO for services rendered in 2023/Q23”, the report stated.
The commercial performance of 2023/Q2 report covers energy off take performance, billing efficiency, collection efficiency, aggregate technical, commercial and collection loss, as well as the market remittance of relevant market participants.
Details of other aspects covered by the report said, “In 2023/Q2, the average energy off take by DisCos at their trading points was 3,251.31MWh/h which was a decrease of -218.82MWh/h (-6.31%) compared to the 3,470.13MWh/h recorded in 2023/Q1.
“The total energy received by all DisCos in 2023/Q2 was 7,100.87GWh while the energy billed to end-use customers was 5,789.21GWh, translating into an overall billing efficiency of 81.53 percent. This represents an increase of 3.56percentage points relative to the 77.97 percent recorded in 2023/Q1.
“The total revenue collected by all DisCos in 2023/Q2 was ₦267.86 billion out of ₦354.61 billion billed to customers. This translates to a collection efficiency of 75.54 percent which represents an increase of 6.79percentage points when compared to 2023/Q1 (68.75 percent). The increase in collection efficiency can be attributed to the increased metering by DisCos and the implementation of various collection campaigns for improved remittance by post-paid customers.
“ATC&C provides a consolidated report of how much revenue a DisCo is able to collect relative to how much it should have collected based on the volume of energy it received (and sold to customers). It is the indicator that evaluates the actual energy and revenue loss in electricity distribution systems.”
Stock market investors gain N158.34bn
Meanwhile, investors show of interest in the shares of JBERGER, CWG, CHAMPION, OANDO and THOMASWY which gained 10.00 percent, 9.83 percent, 9.76 percent, 9.58 percent and 9.29 percent respectively led to a renewed bullish sentiment trading on the floor of the Nigerian Exchange Limited on Tuesday.
At the close of trading, the exchange printed more gainers (27) ahead of laggards (22).
This comes as investors begin to show expectations for Q3 earnings results and renewed bullish sentiment in the face of current level of volatility.
Recovering from the previous session’s loss, the local bourse posted gains as the benchmark index rose by 0.43 percent to close at 67,326.12 basis points keeping the market in the green.
Consequently, the year-to-date (YTD) return rose to 31.37 percent, while market capitalization gained N158.34 billion to close at N36.99 trillion.
Analysis of market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 45.57 percent.
A total of 377.97 million shares valued at N5.17 billion were exchanged in 6,729 deals. ETRANZACT was the most traded stock by volume at 44.07 million, while UBA was the most traded stock in value terms with 42.30 million units traded in deals worth N796.36 million.
Breakdown across the sectoral gauges showed a bullish outing as four of the five indices tracked closed in the green zone.
The NGX Banking, NGX Insurance, NGX Oil/Gas and NGX Industrial Goods indices rose by 2.75 percent, 0.20 percent, 0.03 percent and 0.05 percent respectively. On the flip side, the NGX Consumer Goods index showed a mild decline by 1basis points.