Electricity distributor announces N2.2 billion monthly loss

The Port Harcourt Electricity Distribution Company, PHED, said on Friday it lost N2.2 billion in revenue to unpaid bills and electricity wastage by consumers.
The Managing Director of 4Power, owners of PHED, Matthew Edevbie, told the News Agency of Nigeria, NAN, in Port Harcourt that 90 per cent of meters in homes were by-passed which was partly responsible for the revenue loss.
“In Port Harcourt for example, every 100 units of electricity that comes to our electricity network, we collect only 25 per cent equivalent of money.
“Even when we install meters in homes, about 90 per cent of the meters are usually by-passed.
“For every N1 billion worth of electricity PHED brings to this region, every month we get N450 million and lose N550 million.
“PHED’s supply of electricity to four states is in excess of N4 billion every month, meaning that we lose N2.2 billion worth of investment funds on monthly basis,” he said.