The data which covers the second quarter report of the electricity regulatory body for 2022 indicated that during the period in review, the power firms did not remit N58.32 billion.
The electricity market also did not earn much from Discos as the report showed that the distribution companies failed to remit N69.94 billion to the country’s electricity market during the first quarter of 2022.
According to the power sector regulator, the power distribution firms failed to make the outstanding remittances to the Nigerian Bulk Electricity Trading Plc - NBET and the Market Operator - MO, an arm of the Transmission Company of Nigeria, TCN.
NERC went ahead to give details of the second quarter power market remittance between NBET, MO and the Discos as it revealed that the combined invoices the Discos received was a total of N185.01 billion.
This invoice amount was split into generation costs which stood at N149.89 billion, while transmission and administrative services was put at N35.1 2 billion.
“Out of this amount, the Discos collectively remitted a total sum of N126.69 billion (N102.35bn for NBET and N24.34bn for MO) with an outstanding balance of N58.32 billion,” the report stated.
It added, “This corresponds to a remittance performance of 68.48 percent during the quarter. Poor remittance is a direct consequence of the Discos recording higher than allowed ATC&C (Average Technical Commercial and Collection) performance as established above.”
The corresponding report of the NERC on market remittance in Q1 2022 however, indicated that the Discos received an invoice of N205.63 billion, split into generation costs which stood at N164.86 billion; while transmission and administrative services was N40.77 billion.
“Out of this amount, the Discos collectively remitted a total sum of N135.69 billion (N109.96 billion for NBET and N25.73 billion for MO) with an outstanding balance of N69.94 billion. This corresponds to a remittance performance of 65.99% during the quarter,” the commission stated.