Gencos record N1.8 million loss as power generation drops by 15.6% in 2022

Data from the recent report showed that power generation crashed from 6,336.52 megawatts recorded in 2021 to 5,346.82 megawatts in 2022 further confirming a decrease in average power unitization among electricity users in 2022.

Further reports also showed that the average quantum of electricity utilization fell from 4,118.98 megawatts recorded in 2021 to 3,940.54 megawatts in 2022 while the average available generation capacity fluctuated between 4,000 megawatts and 7,700 megawatts since the sector was privatized in 2013.

The document on Power Generation Trend further revealed that during the nine-year period (2013 – 2022), average utilized generation hovered between 3,000 megawatts and 4,000 megawatts while unutilized generation revolved around 1,000 megawatts and 3,700 megawatts.

Nigeria’s average available power generation capacity for the years - 2013, 2014, 2015 and 2016 were 4,214.32; 6,154.05; 6,616.28; and 7,039.96 megawatts respectively, while in 2017, 2018, 2019 and 2020, the average available generation capacity figures were 6,871.26; 7,506.23; 7,381.67; and 7,792.51 megawatts respectively.

From 2015 to 2022, the Gencos also confirmed that the total capacity payment loss to power producers had increased to N1.8 trillion.

The annual capacity payment loss as sighted from the report in 2015, 2016, 2017 and 2018, was N214.93 billion, N273.32 billion, N236.47 billion and N264.08 billion respectively.

While the annual capacity payment loss for 2019, 2020, 2021 and 2022, was N256.97 billion, N266.1 billion, N159.86 billion and N132.19 billion respectively.