We need N10bn to boost power supply – IBEDC

The Regional Commercial Manager of the Ibadan Electricity Distribution Company (IBEDC), Kwara region, Mr. Peter Oni, has  said that over N10 billion is required to provide prepaid meters and electricity poles for its customers to ensure efficient power supply.
Speaking at a forum on tariff review with managers of business organisations and residential customers in Ilorin, Oni said huge investment was required to bring about improvement in the power system, particularly “with the over 50 years decay in the industry”.
While seeking the understanding of customers on the planned review on tariff, the manager said factors influencing tariff include cost of maintenance, vandalism cost,  changes/increase in cost of gas, technical losses and energy theft, payment/non-payment by customers, changes in bank interests and foreign exchange rate, and investment for network, among others.
 He also said that the review would prevent collapse of the power sector, ensure increase in power supply to customers as well as ensure that the entire power sector value chain (generation, transmission and distribution) is funded through appropriate tariff structure.
He said: “The low level of payment for electricity has a major impact on the cash flow in the entire value chain and this must be addressed to guarantee required investments in the industry.  Current tariff does not guarantee recovery of total cost of operations.
Thus, this review will assist us to quickly address problem of estimated billing (through metering) which today represents over 70 per cent customers’ complaints and has been one of the reasons for various protests experienced since we took over”.
Also speaking at the forum were customers who noted that provision of pre-paid  meters for both companies and residential houses in the area would eliminate estimated billing and other associated problems.
The people also said that the pre-paid meter would eliminate power wastage and corruption among staff of the company.