Amid the unstable power supply in Nigeria, the eleven (11) power Distribution Companies in the country, generated a total of ₦630.93 billion in the Fourth Quarter (Q4, 2025) out of the ₦795.06 billion billed to customers.
This was contained in the Quarterly Report of the Nigerian Electricity Regulatory Commission (NERC) released recently on its website.
According to the NERC report, the naira value of the total energy offtake by all DisCos in 2025/Q4 was ₦969.19 billion, and the total energy billed to customers was ₦795.06 billion. Out of this amount, a total of ₦630.93 billion was collected as revenue by the DisCos.
The report disclosed that in 2025/Q4, the cumulative upstream invoice payable by DisCos was ₦471.66 billion, consisting of ₦386.13 billion for DRO-adjusted generation costs from NBET4 and ₦85.53 billion for transmission and administrative services by the Market Operator (MO).
Out of this amount, the report said the DisCos collectively remitted a total sum of ₦437.27 billion (₦359.27 billion for NBET and ₦77.99 billion for MO) with an outstanding balance of ₦34.39 billion.
The report also revealed that in the same quarter, the three (3) international bilateral customers purchasing power from the grid-connected GenCos made a cumulative payment of $10.895 million against the $20.44 million invoice issued by the MO for services rendered in 2025/Q4.
Furthermore, it said, the domestic bilateral customers made a cumulative payment of ₦3,514.06 million against the ₦4,172.11 million invoice issued by the MO for services rendered in 2025/Q4.
According to the report, the Aggregate Technical, Commercial and Collection (ATC&C) loss, including the billing losses incurred by a DisCo due to its inability to bill 100% of energy delivered to customers, collection losses arising from the DisCo’s inability to collect 100% of the bills issued to customers were high.
The report said the weighted average ATC&C loss across all DisCos in 2025/Q4 was 34.90%, comprising technical and commercial loss (17.97%) and collection loss (20.64%).
It said that the ATC&C loss of 34.90% was 14.36pp higher than the 2025 MYTO target (20.54%) and translates to a cumulative revenue loss of ₦139.193 billion across all DisCos. Adding that the ATC&C loss increased by 1.63pp (worse performance) compared to 2025/Q3 (33.27%).
The report revealed that all the DisCos except Eko failed to meet their ATC&C targets during the quarter, with Kaduna DisCo recording the worst underperformance relative to the target (Actual – 69.45% vs target – 21.32%).
