Economy
57 % electricity consumers on estimated billing, says NERC
The Nigerian Electricity Regulatory Commission (NERC) says 57.07 per cent of electricity consumers in the country were still on estimated billing as at September 2021.
NERC made this known in its Third Quarter Report 2021 obtained on Tuesday by reporters in Lagos from its website.
The document showed that only Ikeja, Benin, Enugu and Port Harcourt electricity Distribution Companies had metered over 50 per cent of their customers as at the period
The huge metering gap for end-use customers, according to NERC, remains a key challenge in the Nigerian Electricity Supply Industry (NESI).
It added that a total of 288,431 meters were installed in 2021/Q3 as compared to the 315,717 meters installed in
2021/Q2.
The data showed that out of the 11,069,200 registered energy customers as at September 2021, only 4,753,027 (42.93 per cent) have been metered compared to 4,404,013 (39.08 per cent) metered as at June 2021 out of 11,058,939 registered
customers.
According to the document, the metering status of the DisCos as at September 2021 is: Benin DisCo, 54.54 per cent; Abuja, 45.10 per cent; Eko, 43.24 per cent; Ikeja, 63.96 per cent and Enugu , 55.49 per cent.
Others are: Port Harcourt, 54.81 per cent; Ibadan, 37.64 per cent; Jos, 29.12 per cent; Kaduna, 21.84 per cent; Kano, 27.64 per cent; and Yola, 17.19 per cent
It said as a safeguard against over billing of unmetered customers via estimated billing, the commission had set maximum limits to the amount of energy (in kWh) that may be estimated against an unmetered customer on a feeder.
The report said this depends on the customer category and tariff band with the maximum limits computed based on three months data of actual consumption records of metered customers according to customer category and tariff band.
The document also provided update on the efforts of NERC to close the metering gap in the country through the Meter Asset Provider (MAP) scheme and the National Mass Metering Programme (NMMP).
It said: “The MAP initiative has since its inception metered a total of 591,223 customers.
“Similarly, the NMMP is an initiative of the Federal Government of Nigeria launched in 2021 to rapidly bridge the metering gap in the NESI.
“This is a policy intervention with support from the Central Bank of Nigeria for the provision of long-term (10-year tenure) single-digit interest loans to DisCos strictly for the provision of meters to customers.
“This policy provides that only local meter manufacturers or assemblers shall participate in the NMMP.
“Customers are metered on DisCo’s own account without paying for the meters by customers except through end-user tariffs.
“The NMMP has since its inception metered a total number of 793,978 customers.” (NAN)
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)
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