KEDCO Records Improvement in Financial Performance After Power Restoration
…appeals for prompt payment of outstanding bills
The Kano Electricity Distribution Plc. (KEDCO) has said it is having a steady improvement in its 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.
Sani Bala Sani, KEDCO’s Head of Corporate Communication disclosed this development in press statement issued to newsmen today.
Sani recalled that KEDCO, alongside three (3) other distribution companies in the North East and North West had significant disruption to power supply in October, with KEDCO being the worst hit.
He explains that KEDCO operations were initially impacted on October 13th, 2024 with only 40% of their grid allocation being supplied after the Shiroro-Kaduna 330kV line incident which 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% level on 30th October, we were only availed with up to around 85% supply levels on November 14th and anxiously awaiting completion of the Shiroro-Kaduna repairs” Sani noted.
He disclosed that the incident presented the worst market performance to the Company 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%, to a record of 40% and we plan to return to those levels”
“Thankfully, with the current power supply at around 85%, we have recorded significant collections from last month’s arrears and appealing to our customers to continue to cooperate with us on prompt settlement of their current bills and arrears, for business sustainability” the Communications Head disclosed.
Sani commended the resilience of KEDCO’s customers and pledged the Company’s improved performance in supplying customers 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” Sani noted.
He assured that KEDCO’s core investor and Board’s remains commited to driving investments and improve performance through embedded generation supply options in its network via the Safe Grid and Utility 2.0 projects in collaboration with their tri-state governments, under the guidance of the Nigerian Electricity Regulatory Commission (NERC). “It is vital to appeal for our customers’ continued cooperation to actualize that vision” Sani noted.
