- Discos installed 123,694 new electricity meters in Q1 2024, marking a 7.31% increase from the previous quarter.
- Remittance performance rose sharply to 96.93% in Q1 2024, up from 69.88% in the previous quarter.
- Despite progress, remittance by special and bilateral customers was lacking, with no payments made against a $14.19 million invoice for Q1 2024.
The Nigerian Electricity Supply Industry (NESI) has reported impressive strides in meter installations and market remittance for the first quarter of 2024, according to the latest report from the Nigerian Electricity Regulatory Commission (NERC).
In a notable improvement for the Nigerian Electricity Supply Industry, the latest report from the Nigerian Electricity Regulatory Commission (NERC) reveals a significant boost in electricity meter installations for the present quarter compared to the previous quarter. During this period, Distribution Companies (DisCos) installed 123,694 meters which increased from the 115,181 meters installed in Q4 2023.
The NERC report reveals that new meter installations have increased by 0.40 percentage points, climbing from 44.39% in Q4 2023 to 44.79% in Q1 2024. A total of 123,694 meters were installed during this period, marking a 7.31% rise from the 115,181 installations in the previous quarter. Notably, the Meter Asset Provider (MAP) framework was the predominant contributor, accounting for 92.62% of these installations.
The report also highlights a marked improvement in market remittance, which soared to 96.93% in Q1 2024, up from 69.88% in Q4 2023. DisCos handled a cumulative upstream invoice of ₦1.71 trillion, covering generation and transmission costs. Despite the overall positive trend, remittance by special and bilateral customers lagged, with no payments from four international bilateral customers against a $14.19 million invoice for Q1 2024.
NERC has urged Distribution Companies (DisCos) to fully utilize the five-meter financing frameworks introduced in the 2021 Meter Asset Provider and National Mass Metering Regulations to bridge metering gaps.