Electricity Discos revenue increased by 13.37% to N294.95 billion in Q4, 2023

Electricity Discos revenue increased by 13.37% to N294.95 billion in Q4, 2023

In the fourth quarter of 2023, electricity distribution companies generated N294.95 billion in revenues- an increase of 13.37% from the N260.16 billion recorded in Q3 of 2023.

Compared to the same period in the previous year, revenue increased by 26.96%, rising from N232.32 billion in the fourth quarter of 2022.

This is according to the fourth quarter electricity report published by the National Bureau of Statistics (NBS).

Metered and Unmetered customers
The revenue generated was from a total of 12.11 million customers of which 5.60 million were metered and around 5.83 million were unmetered (via estimated billing).

Year-over-year, customer counts in the fourth quarter of 2023 increased by 9.59% from 11.06 million reported in the fourth quarter of 2022.

Metered customers numbered 5.61 million in the fourth quarter of 2023, showing a decline of 1.32% from the 5.68 million reported in the previous quarter.

Comparatively, on an annual basis, there was a 9.38% increase from the 5.13 million metered customers recorded in the fourth quarter of 2022.