Nigeria’s average energy generation increased 8.6 per cent year on year, YoY, to 3,970.33 megawatts, MW in July 2023, up from 3,655.64MW in the same time in 2022.
However, on a month-to-month basis, the nation’s average generation fell by 0.5% to 3,970.33MW in July 2023, from 3,991.57MW in June 2023, according to Vanguard data compiled from the National Energy System Operator, a semi-autonomous unit of the Transmission Company of Nigeria, TCN.
In general, the maximum average power generation of 4,616MW was recorded in February 2023, while the lowest average electricity generation of 3,970.33MW was definitely observed in July 2023.
TCN and the Electricity Distribution Companies, DisCos, respectively transmitted and distributed fewer than 4,000MW to consumers, according to the statistics.
Reacting, Kunle Olubiyo, President of the Nigeria Consumer Protection Network and a former member of the Presidential Adhoc Committee on Review of Electricity Tariffs in Nigeria, stated:
“With the recent floating of Naira/Deregulation of the Forex Trading Windows allowing the value of Naira to be determined by market forces and the removal of subsidy on petrol, it is expected that these will impact positively or negatively on electricity tariff and translate into general high cost of living in Nigeria, depending on the school of thought or individual’s perception. The last tariff increase in Nigeria was benchmarked on N400/$1. As of today, the exchange rate is N750/$1.”
“More investment should be channeled into capacity expansion of critical power grid infrastructure and network improvements in order to upscale efficient service delivery.”
Also, a water producer in Lagos stated: “One could have been happier if the federal government has completely forgotten about the electricity tariff review. As an organisation, we are worried about the impact it would make on our business.
“Well, we shall have no other option than to increase our prices to cover cost and make at least a little profit whenever the tariff review becomes operational.”
cc: Vanguard Ng
