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CBN unveils 62,021 prepaid meters for distribution to Kano Disco customers

By on December 18, 2015

The Central Bank of Nigeria (CBN) on Tuesday in Kano launched the acquisition of 62, 021 metres to be distributed to electricity consumers under Kano Electricity Distribution Company (KEDCO). This is part its N213 billion intervention programme in the power sector meant to improve their revenue generation.

Deputy Head, Infrastructure Finance Office of CBN Development Finance Department, Elder Boma Banebo told reporters that the unveiling was designed for CBN Nigeria Electricity Market Stabilisation Facility made to help DISCOs to acquire metres for power consumers.

According to him,  already, CBN has disbursed N64 billion in its financial intervention project across the country. Five DISCOs got N41, 005, 703, 962.43 with 76 per cent disbursement, seven GENCOs   received 18, 457, 878, 439.89 with 21 percent disbursement, while six GASCOs got  5, 241, 925612.64 with 11 percent mismanagement.

He said the intervention was part of CBN’s commitment to reach out to stakeholders in finding lasting solution to the epileptic power supply.

“The CBN is expected to provide a banking sector led intervention to provide liquidity to settle legacy gas debts and computed revenue shortfalls, which would be utilised for permitted expenditure under certain agreements.”

He added: “The facility is expected to be utilised for approved activities like turn around maintenance to achieve capacity recovery stations, purchase of smart and single phase metres, rehabilitation of transformers, procurement and construction of new distribution substations and other confirmed permitted utilisation.”

“Kano Electricity Distribution Company (KEDCO) has acquired 62, 021 energy metres with the facility and has invited important stakeholders in the finance of the metre acquisition to witness their receipt and metre deployment plan.”

Banebo also stated that CBN’s intervention was expected to restore a total of 905 megawatts into the national grid as a result of facility turn around maintenance such as execution of capacity recovery programmes in three hydro power stations.

CBN’s partnership will also ensure intake under water repair project, overhaul of unit and complaint    metering protection at Shiroro dam, overhauling of 2G6 at Jebba Hydro and rehabilitation of three units at Kanji dam which were permitted utilisation of the facility.

He hinted that CBN sponsored the rehabilitation of 7no Gas Turbines at three major thermal power plants namely Geregu, transcorp Ugheli   and Ibom Power Plants.

“The intervention has also enabled the Electricity Distribution Companies to carry out projected CAPEX through issuance of LCs for the purchase of over 171, 071 metres, rehabilitation of over 332kms of 11 KV lines and 130km of 0.45KV lines.

“Procurement of 70, 310 distribution transformers of different sizes, construction of 34 new distribution substations, acquisition of one mobile injection substation and implementation has deployment of Supervisory Control and Data Acquisition  (SCADA) systems under approved permitted utilization of the facility,” he stated.

Banebo who said KEDCO is billed to repay the money within a period of 10 years, added that the investment was expected to reduce losses and significant improve electricity delivery to Nigerians.

Also in his remarks, KEDCOs Chief Operation Officer, Rahul Singh expressed appreciation to CBN, noting that the acquisition of the metre will not only improve power distribution, but will also solve the problem of irregular payment.

 

[ThisDay]