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In Q4 2023, Electricity Discos Report a 13.37% Increase in Revenue

Apr 2, 2024 | Business | 0 comments

In Nigeria, the electricity distribution companies’ earnings significantly increased in the fourth quarter of 2023, according to the most recent report issued by the National Bureau of Statistics (NBS).

According to the study, the combined revenue earned by electricity distribution companies (Discos) during this period was N294.95 billion, a noteworthy 13.37% rise from the N260.16 billion recorded in the third quarter of 2023.

The revenue rise is even more noticeable when compared to the same period in the prior year; it increased by an astounding 26.96% from N232.32 billion in the fourth quarter of 2022.

12.11 million consumers were blamed for the increase in revenue; of these, 5.60 million were estimated to be metered and 5.83 million to be unmetered and paid based on estimation.

Q4 2023 Sees a 13.37% Increase in Discos.

There was a significant year-over-year increase in the number of customers, with Q4 2023 customer counts rising by 9.59% from 11.06 million in Q4 2022.

Nonetheless, there were 5.61 million metered users, a slight decrease of 1.32% from the prior quarter.

Nevertheless, compared to the 5.13 million metered users reported in Q4 2022, there was a 9.38% yearly rise.

On the other hand, compared to the third quarter of 2023, the expected number of clients decreased by 3.34%, amounting to 5.83 million.

The predicted customer count decreased from 5.93 million in Q4 2022 to 1.73% in Q4 2023 on an annual basis.

Notable Increase in Q4 2023

In the fourth quarter of 2023, the supply of electricity also experienced a notable increase, rising from 5,732 gigawatt-hours (GWh) to 6,432 GWh.

On an annual basis, this signified a 14.64% rise from 5,611 GWh in the 2022 fourth quarter.

With 1,070 GWh supplied, Ikeja Discos dominated the distribution businesses in terms of energy delivery. Eko Disco came in second with 934 GWh, while Abuja Disco rounded out the top three with 884 GWh.

On the other hand, Jos, Yola, and Kaduna Discos reported the lowest figures, with respective supply statistics of 338 GWh, 253 GWh, and 242 GWh.

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