However, its expenditure rose to N1.94bn from N1.74bn incurred previously.
With this, it has a positive net cash flow of ₦1.32bn but said there are N230 million existing liabilities it needed to clear at the end of the first quarter.
However, as NERC’s revenue improved, “The financial viability and commercial performance of the industry continued to be a major challenge with a decline in the first quarter of 2020,” the report said.
For every N10 worth of energy sold, the DisCos could not collect N3.88. The 11 Distribution Companies (DisCos) billed electricity consumers ₦186.82bn but collected ₦114.29bn, leaving a N72.53bn deficit in the first three months of 2020. The performance declined by 4.21% (billing) and 8.26% (collection) from that of Q4 2019.
The DisCos got N185.1bn energy invoice from the Nigerian Bulk Electricity Trading PLC (NBET) and for service charge from the Market Operator (MO), but paid only N60.2bn representing 32.5% remittance level. This dropped by 5.8% from the figure in December 2019.
Compared to Q4 2019, the number of registered and metered customers increased by 1% and 8%;
Most complaints were on estimated billing, metering and service interruption; accounting for 61.36% of the complaints.