Power Distribution Firms Owe Gencos N243bn –NBS

• Power Distribution Firms Owe Gencos N243bn

The National Bureau of Statistics on Sunday said that out of the N331.02bn worth of invoices issued by the power generation companies to the electricity distribution firms last year, only N88.03bn was settled.

The NBS, in a report on the power sector, which was made available to our correspondent in Abuja, put the outstanding balance that the distribution firms owed the generation companies at N242.97bn.

The report read in part, “The Nigerian Bulk Electricity invoices and payment from the generating companies to the distribution companies and off-takers for 2016 have reflected that an invoice of N30.51bn was issued by the generating companies to the off-takers, while a payment of N2bn and a debit note of N1.12bn for net Gencos imports were made, with a balance N27.3bn recorded at the end of 2016.

“The generating companies issued a total invoice of N331bn to the distribution companies, with the Discos’ share of the total invoice put at N331bn, while payment of N88.03bn was received, with a balance of N242.97bn recorded at the end of the period under review.”

According to the report, the N88.03bn payment was received by the generation firms thus: Afam VI, N3.64bn; Alaoji, N3.23bn; Calabar, N1.69bn; Delta, N9.6bn; Egbin, N16bn; Gbarain, N539m; Geregu, N2.7bn; and Geregu National Integrated Power Project, N2.3bn.