The management of Eko Electricity Distribution Company (EKEDC) on Tuesday said that about 150 million dollars (N42.3 billion), has been proposed as new investments in the company in the next few years.
Mr Oladele Amoda, Chief Executive Officer of EKEDC, disclosed this during the visit of the House Committee on Privitisation and Commercialisation to the headquarters of EKEDC in Lagos.
Amoda said that new investments would assist in improving their distribution network and effective service delivery to electricity to consumers.
According to him, the owners of EKEDC, West Power & Gas, remain committed toward investing over 150 million dollars (about N42.3 billion) in the company.
“We are going to invest in metering, cleaning up the system, transformers and making sure that everything is in line with what we have specified,” he said.
Amoda said that in spite of the intimidating challenges in the nation’s power sector, their commitment and new investments would assist them in meeting the electricity needs of Lagos State.
He also said that about 550 pre-paid meters had been earmarked for distribution to electricity consumers.
“We will ensure that 136 meters will be given to consumers free of charge in the first year.
“We are going to ensure that all faulty and obsolete meters are fully replaced to conform to the present day metering,” he said.
The EKEDC boss said that electricity distribution companies needed about 700 megawatts to fully meet the energy demands within its area of jurisdiction.
He said that contrary to other opinions, EKEDC only receives an average of between 250 to 300 megawatts.
Amoda said the company had embarked on embeded power generation to improve services and meet demands in the zone.
“We have urged the House Committee to assist the DISCO in promulgating a law that will impose stringent sanctions on equipment vandalism in the country.
“We lost some much to equipment vandalism which needed to be curb to bring more effective supply in network,’’ he added.
Mrs Khadijat Ibrahim, Chairman, House Committee on Privitisation and Commercialisation, said the essence of the oversight function to the DISCOs’ was to monitor the performance of the public assets handed over to new investors. (NAN)