BUSINESS

10 DisCos Record N2Trillion Losses Btw 2013-2019

……..PHEDC fails to submit its annual report

Ten Distribution Companies (DisCos) out of the eleven privatised DisCos in the country have reported ₦2 trillion in losses since the privatisation exercise of 2013-2019.

Port-Harcourt Electricity Distribution Company (PHEDC) did not submit its annual report for the period in review.

Ikeja Electric (IE) emerged as the DisCo with the highest losses at ₦472.2 billion losses, followed by Abuja Electricity Distribution Company (AEDC) with ₦389.9 billion in losses, Kaduna Electricity Distribution Company (KEDCO) lost ₦246.8 billion, Ibadan Electricity Distribution Company (IBEDC) recorded ₦218.3 billion, Kano Electricity Distribution Company (KEDC) lost ₦202.7 billion.

In addition, Enugu Electricity Distribution Company (EEDC) lost ₦157 billion loss, Eko Electricity Distribution Company (EKEDC) recorded ₦151 billion loss, Jos Electricity Distribution Company  (EEDC)recorded ₦103.1 billion; Yola Electricity Distribution Company (YEDC) lost ₦81.6 billion, and Benin Electricity Distribution Company (BEDC) recorded ₦81 billion.

The DisCos have blamed the Federal Government for the losses citing its failure to keep to the conditions precedent to the 2013 privatisation process, making it difficult to recoup privatisation investments.

 

Source: The Electricity Hub

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