KEDCO Financial Performance Improves After Power Restoration

15 hours ago 81

Kano Electricity Distribution Plc. (KEDCO) has reported steady improvement in financial and business performance following the restoration of power supply, in recuperation from the negative impact of the recent blackout experienced during the September October 2024 billing and collection cycle.

Recall that KEDCO, alongside three other distribution companies in the North East and North West had significant disruption to power supply in October, with KEDCO being the worst hit.

The KEDCO operations were initially impacted on October 13th, 2024 with only 40 per cent of our grid allocation being supplied after the Shiroro-Kaduna 330kV line incident, further exacerbated by a total blackout on October 20th, 2024, the peak of our revenue collection cycle.

Although the power supply was partially restored to a 40 per cent level on 30th October, we were only available with up to around 85 per cent supply levels on November 14th and anxiously awaiting completion of the Shiroro-Kaduna repairs.

Regrettably, the incident presented us with our worst market performance this year. Having zero grid supply posed significant financial and economic challenges for KEDCO and its customers, with many customers resorting to costly backup sources or shutting down operations.

“In our best-performing months our ATC&C losses parameter, was sharply down by over 20 per cent, to a record of 40 per cent and we plan to return to those levels.

Thankfully, with the current power supply at around 85 per cent, we have recorded significant collections from last month’s arrears and are appealing to our customers to continue to cooperate with us on prompt settlement of their current bills and arrears, for business sustainability.

“We commend the resilience of our customers and vow to continue to improve our performance in supplying them with safe and reliable electricity. We also thank the Honourable Minister of Power for his timely intervention and visit during the crisis, to understand our challenges.

We equally acknowledge TCN’s restoration efforts and appreciate the federal government’s commitment to helping improve the redundancy and safety of the National Grid.

“It remains our core investor and Board’s resolve to continue to drive investments and improved performance through embedded generation supply options in our network via the Safe Grid and Utility 2.0 projects in collaboration with our tri-state governments, under the guidance of the Nigerian Electricity Regulatory Commission (NERC), it is vital to appeal for our customers’ continued cooperation to actualise that vision.” said Sani Bala Sani head, Corporate Communication, of the company.

Visit Source