Saturday, November 28, 2020

NERC condemns electricity distribution companies for defaulting in remittances



The Nigerian Electricity Regulatory Commission has said the 11 power distribution companies operating in the country failed to remit N 119 .88 bn in the first quarter of the year .

In its report for the first quarter, the power sector regulator said the DisCos did not make the required remittances to stipulated agencies in the industry .

It stated that whereas three DisCos fully met the expected minimum remittance thresholds to MOs, none of the 11 DisCos fully met the MRTs to NBET .

The NERC stated that the average aggregate remittance performances to MO and NBET were 93.09 per cent and 27 . 96 per cent respectively .

The commission further observed that the financial viability and commercial performance of the industry continued to be a major challenge with a decline in the first quarter of 2020 .