|Oladele Amoda, CEO, EKEDC|
The Eko Electricity Distribution Company (EKEDC) said that it has spent over N1.44 billion on projects expansion to boost power supply to customers in the last three years.
The Chief Executive Officer, EKEDC, Mr Oladele Amoda, made the disclosure during the news conference in Lagos to mark three-year post-privatisation of handing over distribution companies to owners.
Amoda said that the company had embarked on massive rehabilitation and reinforcement of dilapidation of its operation, adding that over 400 transformers had been installed in various locations to reduce low shedding of supply.
According to him, the company had embarked on the newly 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.
The CEO said that construction of five 33/11KVA injection substations in Surulere , Ikoyi and Ajah axis have started which will cost the company over N1 billion.
He said, “EKO disco had made a modest improvement in electricity supply in the last three years of post-privatisation but still confronted with little challenges.
He added, “Over N1.44 billion had been spent on various projects expansion within the company to boost electricity supply to customers in the last three years.’’
He said that the over N53 billion would be required for effective metering of customers within its franchise.
The EKEDC boss said that over N 5 billion had been spent on metering of maximum demand and non-maximum demand customers to date.
Meanwhile, about 6,000 meters had been pencilled down for roll-out to different customers he said, while over 67,000 had been installed out of 187 meters delivered by the 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 the money that was meant for expansion and development of the network was been used to replaced vandalised equipment, which posed a serious concern to the company.
The CEO said that despite all success recorded, the company was still faced with liquidity challenges which stood but N900 billion gap due to the high rate of foreign exchange.
He said that policies of government on the foreign exchange had made international lenders sceptical of giving loans to power industry in the country which also posed a serious challenge to power investors.