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Eko Disco to invest N6.9bn for electricity meters

20 May 2014, 21:00

Lagos - The Eko Electricity Distribution Company (EKEDC) has earmarked N6.9 billion to provide meters to electricity consumers in the zone.

Oladele Amoda, the Chief Executive Officer of EKEDC, disclosed this when the Senate Committee on Power visited the head office of the company in Lagos.

He said that the amount would be used to provide pre-paid meters for its 360 000 consumers.

"Presently, our main focus will be to replace the meters of over 5 000 maximum demand consumers that generate over 70 percent of our revenue.

"We want to know how much they are consuming.

"After this, all other consumers within the zone will be metered.

"We will change all obsolete meters and replace the faulty ones with new ones," he said.

Amoda said that the company had secured $150 million (about N24 billion) loan for its capital projects.

He said that the company was determined to stabilise power supply in its area of operation and enforce safety standards.

Amoda said that EKEDC had started implementing its investment plan on rehabilitation of the company’s equipment.

Senator Gbenga Obadara, the Chairman of the committee, said that the committee was not happy because power supply had deteriorated.

Obadara said that before now power generation had reached over 5 000 megawatts, but wondered why it had deteriorated to 3 500mw.

He said that the committee was visiting the new investors in the power sector to ascertain their challenges and how to solve them.

"We implore you to continue to improve on your work so that power supply will improve.

"We know that the generation is weak, we will work with you and make sure that things work well.

"If we are able to get it right to at least 60 to 70 percent, we are on a good pedestal," he said.


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