Ibadan — The Ibadan Electricity Distribution Company (IBEDC) has declared that the company is losing about N1.6 billion monthly to capping of estimated billing and other issues bordering on metering, describing it as a disservice to the energy industry.
The Chief Operating Officer (COO) of the company, Engr. John Ayodele, who stated this yesterday, at a press conference in Ibadan said, the company had been willing to meter all its customers, adding that it aligned with the Federal Government on the mass meter initiative, as capping was not good for any business to thrive.
He said that contrary to the insinuations that estimated billing and capping were benefiting the distribution companies (DisCos), it was indeed the other way round.
According to him, some of the reasons the company is losing money was a result of the the attitude of the consumers which include bypassing of their meters and high level of poverty which made it difficult for them to pay their bills.
He posited that the electricity company would have folded up if not that it remained committed to the services it renders to members of the public, adding that he knew the company is operating in a very difficult terrain.
Ayodele said: “Ninety percent of those complaining of estimated billing in the real sense of it does not want meters. They are comfortable with N3,000 billing we are giving them monthly because many are spending more than that amount.”
“We are losing money. We are losing about N1.6billion for estimated billing alone. There is a lot of problem with metering. We are running at loss. If it is not a business that it is tied to service, the company would have been bankrupt by now.”
“If you have anybody who is ready to partner with us, we will welcome such people. People who can give us plant in anywhere in our region. People who can assure us ninety percent availability of power all the time,” Ayodele stated.