The Eko Electricity Distribution Company Plc. on Monday said that its monthly revenue generation had dropped from N4 billion to N 1.5 billion.
Mr Oladele Amoda, EKEDP Chief Executive Officer, said that the drop was due to inadequate electricity supply to the network.
Amoda attributed the reduction to pipeline gas disruption in the Niger Delta.
He added that the company usually generated above N4 billion monthly but it had dropped to N1.5 billion.
“The drastic drop in power supply within our network has affected the company’s operation deeply.
“It has also impacted on the revenue and business activities of the company significantly,“he said.
He said that the shortfall had adversely impacted on the ability of the company to make capital investment in metering, network expansion, equipment rehabilitation and replacement that were critical to service delivery.
“This is a cash crisis that threatens to completely undermine the electricity value chain and ability to continue to serve consumers,” he said.
Amoda said that Ministries, Departments and Agencies (MDAs) debts, including interest, now stood at N93 billion.
He said the industry could not survive with this in addition to the dearth of foreign exchange.
Amoda added that shortage of foreign exchange was also contributing negatively to aggregate industry performance.
“The ability of the industry to meet its service delivery obligation is severely constrained by lack of access to foreign exchange,” he said.
He also said that vandalism of gas pipelines had led to massive drop in power generation.
“Therefore, distribution companies should not be blamed for poor power supply because we cannot give what we don’t have’,” he said.