Saturday, November 28, 2020

NERC condemns electricity distribution companies for defaulting in remittances

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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 .