Power distribution companies that are performing below stipulated standards in the Nigeria Electricity Supply Industry are going to lose 50 per cent of their operating expenditures, the Federal Government declared on Monday. It made the declaration through the Nigerian Electricity Regulatory Commission at the 1st NESI Stakeholders Meeting of 2024 in Lagos, stressing that the individual performances of the Discos …

Under the current arrangement, the Nigerian Bulk Electricity Trading Plc (NBET), procures power in bulk from Independent Power Producers (IPPs), and GenCos for resale to DisCos, eligible or international customers. Under the new regulation or order approved by the Nigerian Electricity Regulatory Commission (NERC), NBET that carries out the role of a “pool” administrator for the Nigerian electricity market, it …

The Ministry of Finance Incorporated (MoFI) on Monday explained that its take-over of the 40 per cent Federal Government shares in the Electricity Distribution Companies, DISCOS, was in line with its mandate and to ensure efficiency in running those companies, as well as raise revenue for the government. In a statement, the organisation expressed gratitude to the Bureau of Public …

Amid the push by power sector operators for the Federal Government to end subsidies on electricity tariff, it has emerged that over seven million customers remain without electricity meters in the power sector. Without meters, customers are unable to control energy consumption and are faced with estimated bills from electricity distribution companies (DisCos). Latest data from the Nigerian Electricity Regulatory …

Inconsistent government policies, high annual turnover and cash flow requirements are currently  threatening the execution of the $155 million Phase 2 of Nigeria’s National Mass Metering Programme, (NMMP). The project is a World Bank-funded 1,250,000 metering scheme targeted at procuring and distributing smart electricity meters to 11 electricity Distribution Companies (DisCos) in the country. The Muhammadu Buhari administration had intentionally …

President Bola Tinubu, on Monday, said Nigeria’s power sector privatisation had failed to meet its objectives, as the national grid was serving only about 15 per cent of the country’s electricity demand despite being privatised 10 years ago. President Tinubu, who spoke during the Nigeria Electricity Supply Industry market participants and stakeholder roundtable that focused on privatisation, also called for …

The Eko Electricity Distribution Company has announced that the power supply has been restored. There was a widespread blackout across the country following the total collapse of Nigeria’s electricity grid early Thursday mornmornig Breezy NewsNG earlier reported that the grid collapsed totally around 12:40 am, leading to the massive loss of supply to power distributors nationwide. Multiple sources in the power …

The Senate has asked the Federal Government to, as a matter of urgency, intervene and halt the proposed increase in electricity tariff by the 11 Distribution Companies (Discos). It also stressed the need to allow ordinary Nigerians to breathe, insisting that anything that would bring untold hardship to the citizens would be rejected in all its ramifications. The upper legislative …

Electricity Distribution Companies (DisCos) have set November 2024 for electricity consumers to upgrade their meters. While mixed reactions have trailed the initiative, the DisCos have however maintained a deafening silence on the matter. Under the meter upgrade plan, called the Standard Transfer Specification (STS), a metering code to be introduced soon, will have to be generated by a consumer. The …

The Oodua People’s Congress (OPC) has raised the alarm over a plan to further increase electricity tariff by the Distribution Companies (DisCos). It described the move as anti-people, oppressive, unjustified and aimed at discrediting President Bola Ahmed Tinubu’s administration. In a statement by its General Secretary, Comrade Bunmi Fasehun, OPC President, Otunba Wasiu Afolabi noted that the move had similarly …