Invoice: GenCos receive 4.6% payment as financial crisis deepens

The financial crisis facing the Nigerian Electricity Supply Industry, NESI, have deepened following the payment of just 4.68 per cent of invoices sent in by power generation companies, GenCos, for power supplied to the national grid in March 2024.

Checks on data provided by the Nigerian Electricity Regulatory Commission showed that electricity distribution companies, DisCos, collected a total of N100.44 billion in March 2024 out of the N126.56 billion bills sent to customers. They claimed that they were holding the short end of the stick as they received the least attention when payments were made in the market.

He said GenCos should be “accorded the utmost priority when it comes to payment to enable them to have the capacity to continue to produce the electricity which is the product around which the entire power value chain is built”.

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GenCos cry out over N3.7trn debt, say only 10% of invoice paid monthlyA Nigerian newspaper and Online version of the Vanguard, a daily publication in Nigeria covering Nigeria news, Niger delta, general national news, politics, business, energy, sports, entertainment, fashion,lifestyle human interest stories, etc
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