Investors in the power sector are cutting costs to stay afloat as the sector groans under huge debts of over N100billion and liquidity gap of N950billion, The Nation has learnt.
It was gathered that management of the electricity firms, especially the power distribution companies (DisCos), have adopted cost -saving measures to spur growth.
It was learnt that many of the firms were using ad-hoc workers as technicians to reduce their wage bills.
Other strategies include providing meters to their customers to recover their debts.
Ikeja Electric (IE) Acting Chief Executive Officer, Mr Anthony Youdeowei, said during a forum organised by the company that the aim of any business enterprise is to reduce losses and make gains.
He said to realise this goal, the firm has promised to be customer-centric.
He added that customers are key to the growth of the company, and that IE would always include its workers in its plans.
Youdeowei said: ‘’The firm is customer-centric, and would try as much as possible to protect its customers in order to achieve the much needed growth. To achieve this, we are working to ensure that only workers that are ‘fit’ are employed. By this, I mean workers that display reasonable level of competence and do not commit crimes.’’
Also, the Chief Executive Officer, Eko Electricity Distribution Company (EKEDC), Oladele Amoda, said the DisCos, despite their limited income, have recorded some successes.
He said the firm records losses when it charges estimated bills, adding it can only make money when it provides meters to its customers.
‘’We have realised that we do not make money by charging estimated bills. The best way to make money is to provide meters to our customers and that is why we are planning to issue 200,000 meters to our customers soon,” he said.

He said workers, who engage in corrupt practices, had been asked to go to promote integrity in the system.
The investors that bought the assets of the Power Holding Company of Nigeria (PHCN) in 2013 were yet to record any meaningful growth due to challenges, such as shortage of gas for generation, and metering.
The issue has led to the dwindling revenue and other associated problems.

http://www.energywatchng.com/power-firms-cut-costs-liquidity-shrinks/

Until we abolish this concept of National grid, we are wasting our time

Unfortunately, Fashola who talked about abolishing this unproductive system has failed to do so and refused to resign

Gob damn when will we start a think outside the box DO we actually help this country to stay one hell hole?

ScotsReferendum:
Until we abolish this concept of National grid, we are wasting our time

Unfortunately, Fashola who talked about abolishing this unproductive system has failed to do so and refused to resign

He's held bound by the cabals. Until these cabals leave Nigeria, we will remain in the same position for long

ScotsReferendum:
Until we abolish this concept of National grid, we are wasting our time

Unfortunately, Fashola who talked about abolishing this unproductive system has failed to do so and refused to resign

What's wrong with a concept of national grid industrial places need mass scale power to function.

No we need to abolish this corruption concept first.

Look at Kenya with their geothermals power damn good WE can't be a giant of Africa if some light bulbs are turning off in dey president house!