The Eko Electricity Distribution Company Plc (EKEDCP), said it has spent over N1.44 billion on projects expansion aimed at boosting electricity supply to customers in the last three years.
The EKEDCP Chief Executive Officer, Mr Oladele Amoda speaking with journalists today said the company after taken over the asset following the sale of power sector assets by government embarked on massive rehabilitation and reinforcement of the dilapidated of network.
During the period over 400 transformers have been installed at various locations to reduce load shedding of supply.
He said that the company has also embarked on construction of five injector substations within its network to beef up supply to major areas of the state which are expected to be completed in the third quarter of 2017.
According to him, We have commenced construction of five 33/11KVA injection substations in Surulere , Ikoyi and Ajah axis which will cost the company over N1 billion.
“EKO Disco had made modest improvement in electricity supply in the last three years of post-privatisation but still confronted with some challenges.
Over N1.44 billion had been spent on various projects expansion to boost electricity supply to customers in the last three years,’’ he said.
He said that over N53 billion would be required for effective metering of customers within its network, adding that over N5 billion had been spent on metering of maximum demand and non-maximum demand customers to date.
He said that about 6,000 meters would be roll-out to different customers, while over 67,000 had been installed out of 187 meters delivered by manufacturer.
Amoda said that energy theft and vandalisation of equipment posed serious challenged to the company, adding that billions of naira had been spent on replaced vandalised equipment.
He said that part of the money meant for expansion and development of the network is used to replace vandalised equipments, which posed serious concern to the company.
The CEO said that despite all success recorded, the company was still faced with liquidity challenges which stood at N900 billion due to high rate of foreign exchange.
He said that policies of government on foreign exchange had made international lenders skeptical of giving loans to power industry operators in the country which also posed serious challenge to power investors.
According to Amoda, inability of Federal Government Ministries, Department and Agencies (MDAs) to pay their outstanding debts of over N11 billion to the company as at July 2016 is equally affecting its operations.
” To enhance productivity of the workforce, staffs had undergone training and are still going through training in different areas in business process development, strategic customer relationship, safety, technical efficiency and revenue cycle management.