Home Latest News Abuja electricity company admits paying N8 billion fine

Abuja electricity company admits paying N8 billion fine

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The Abuja Electricity Distribution Company, AEDC, on Friday said the imbalance penalty it incurred was N8 billion and not N80 billion.

The Head, Public Relations and Media of the company, Ahmed Shekarau, said this in a statement.

The company took beyond the 11.5 per cent electricity allocated to it from the national grid, which resulted in the penalty of N8 billion.

Mr. Shekarau said the company had the capacity to distribute 1,000 megawatts as against the less than 400 megawatts allocated to it from the national grid.

“AEDC has had to pay imbalance penalties to the tune of N8 billion, not N80 billion as reported. (This was from) November 1, 2013, when the current management took over to date,” the statement quoted him as saying.

The spokesperson said the imbalance was incurred as a result of AEDC’s efforts to enhance electricity supply to its customers.

The Executive Director, Regulatory and Stakeholders Affairs, Abimbola Odubiyi, said that efforts by AEDC to serve its customers better had placed huge financial burden on it.

(NAN)

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