The Yola Electricity Distribution Company (YEDC) has made 100 per cent remittances of its bill to the Federal Government, according to the Nigeria Regulatory Commission (NERC), third quarter report of 2023.
This is disclosed in a statement issued by Mr Olugbenga Adebola for YEDC management in Adamawa on Tuesday.
Adebola said that according to the report, YEDC was one out of the only two distribution companies (DISCOs) in Nigeria that has made 100 per cent remittances to the market.
He explained that YEDC is fully paying its invoices to the Nigeria Bulk Electricity Trading (NEBT) Company responsible for buying and selling electricity in the country.
“This outstanding performance is a testament to the transformation that YEDC has undergone in the past two years, since the Main Energy Solutions Limited (MESL) took over operations.
“YEDC has constantly demonstrated its commitment to adhering to the highest standard of corporate governance, ethics and social responsibility, creating a virile work environment for all staff.
“Before the new management took over in 2022, the company was one of the worst performing distribution companies in Nigeria, remitting just 30 per cent of its 100 per cent achievement today.”
Adebola however ascribed the company’s excellent performance to the legacy and achievement of Quest Electricity Nigeria Limited (QENL), a subsidiary of Mainstream Energy Solution Limited (MESL).
He said the company revived ailing dams in the country and optimised their performance by providing clean energy to homes and businesses.
He added that the company has consistently set benchmark in the energy sector with its recent achievement of generation of a record six million megawatt hours to the national grid in 2023