Electricity: Discos Experience 20.81% Revenue Growth Despite Decrease in Supply – NBS

The National Bureau of Statistics has released its Electricity Report for the first quarter of 2023, revealing some significant trends in the industry.

Despite a decrease of 1.74 percent in electricity supply, the revenue generated by electricity distribution companies increased by 20.81 percent.

In the Q1 2023 report, the distribution companies (Discos) collected a total revenue of N247.33 billion, surpassing the N204.74 billion recorded in the same period in 2022. However, the electricity supply declined from 5,956 Gigawatt hours (Gwh) in Q1 2022 to 5,852 Gwh in Q1 2023.

The report also disclosed that in Q4 2022 alone, the Discos collected N232.32 billion, bringing the total revenue for the six-month period to N479.65 billion.

The report states: “Revenue collected by the Discos during the period was N247.33 billion, compared to N232.32 billion in Q4 2022. On a year-on-year basis, the revenue generated in the reference period rose by 20.81 percent from the N204.74 billion recorded in Q1 2022. Electricity supply in Q1 2023 was 5,852 Gwh, down from 5,956 Gwh reported in Q1 2022, representing a decline of 1.74 percent.”

Furthermore, the total number of customers increased during this period, reaching 11.27 million in Q1 2023. This reflects a 1.89 percent growth from the previous quarter.
On a year-on-year basis, customer numbers in Q1 2023 rose by 5.99 percent compared to Q1 2022, reaching 10.63 million.

Metered customers accounted for 5.31 million in Q1 2023, showing a growth of 3.61 percent from the preceding quarter’s 5.13 million. On a year-on-year basis, this represented a significant increase of 10.86 percent compared to the 4.79 million reported in Q1 2022.

Estimated customers during the quarter were 5.96 million in Q1 2023, indicating a slight increase of 0.40 percent from 5.93 million in Q4 2022. On a year-on-year basis, estimated customers rose by 1.99 percent in Q1 2023 from 5.84 million in Q1 2022.
Regarding individual companies, the report highlighted that the Ibadan Electricity Distribution Company had the highest number of customers, with approximately 2.23 million.

Following closely were the Abuja Electricity Distribution Company with 1.32 million customers and the Enugu Electricity Distribution Company with 1.23 million customers.

In terms of revenue, the Ikeja Electricity Distribution Company, with a customer base of 1.07 million, earned the highest revenue of N49.76 million. The Eko Electricity Distribution Company, serving around 666,941 customers, generated a revenue of N41.73 million. The Abuja Electricity Distribution Company ranked third, with a revenue of N38.12 million in Q1 2023.

Additionally, the NBS released a separate report stating that there was an increase in the average retail price of automotive gas oil paid by consumers in May 2023.