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Discos generated N294.95bn in Q4 2023, customer base increased by 3.46%



Record earnings trigger investors' scramble for power sector

Electricity report recently published by the National Bureau of Statistics has revealed that the total customer numbers of Electric Distribution Companies (Discos) in Q4 2023 stood at 12.12 million from 11.71 million in Q3 2023, showing an increase of 3.46%. On a year-on-year basis, customer numbers in Q4 2023 rose by 9.59% from 11.06 million reported in Q4 2022.

Similarly, metered customers stood at 5.61 million in Q4 2023, indicating a decrease in the growth rate of 1.32% from 5.68 million recorded in the preceding quarter. On a year-on-year basis, this grew by 9.38% from the figure reported in Q4 2022 which was 5.13 million.

In addition, estimated customers during the quarter were 5.83 million, showing a decrease of 3.34% from 6.03 million in Q3 2023. Similarly, on a year-on-year basis, estimated customers also decreased by 1.73% in Q4 2023 from 5.93 million in Q4 2022. Revenue collected by the DISCOs during the period was N294.95 billion from N260.16 billion in Q3 2023.

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On a year-on-year basis, revenue generated in the reference period rose by 26.96% from N232.32 billion recorded in Q4 2022. Electricity supply was 6,432. (Gwh) in Q4 2023 from 5,732 (Gwh) in the previous quarter. However, on a year-on-year basis, electricity supply increased by 14.64% compared to 5,611 (Gwh) reported in Q4 2022.

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