Nigerian utility Ibadan Electricity Distribution Company has attracted a $400m investment that will help to ensure the implementation of its smart meter programme.Nigerian utility Ibadan Electricity Distribution Company has attracted $400m in funds that will help to ensure the implementation of its smart metering programme.
The utility's smart meter rollout programme caught the attention of Trans Sahara Consortium resulting in a investment of $400 million that will facilitate the infrastructure upgrade within the distribution area of the company, and put an end to energy theft which is a huge revenue drain in the sector, according to This Day.
The MoU signed between Ibadan Electricity Distribution Company and the Trans Sahara Consortium is expected to transorm billing processes.The utility said the gains from the investment are "huge" and will be of great benefit to its customers.
The smart metering programme is also expected to eliminate distrust between IBEDC and its consumers.
Trans Sahara Consortium led by Senator Saminu Turaki said that other benefits of the rollout includes the creation of over 250,000 jobs.He added that the job creation would be sustainable and “it is in line with the initiative of the current administration of president Muhammadu Buhari and vice president Yemi Osinbajo to create two million jobs.”
Smart meter infrastructure upgrade
Chairman of IBEDC, Dr. Tunde Ayeni, added: “I am happy to partner with Trans Sahara Consortium led by Senator Saminu Turaki, who are bringing in technology in partnership with us to install what we called ‘Smart Metering Programme’ within all our distribution coverage areas.
“The MoU we signed ... will attract an investment of $400 million to cover both the metering plan and also infrastructure upgrade within our distribution area. It is the first phase of the investment drive that we have signed with Trans Sahara Consortium.
“Beyond signing of this MoU, they will immediately go into action. We have designated an area within our distribution area that will be used as a test sampling so that we can see how the technology works and we can see that it can work within our system.
“The technology has been installed in over 32 countries around the world. It is not a new technology, but it is technology that is just coming into Nigeria. Our hands are open to embrace it so that the mistrust and distrust between Discos and consumers can be a thing of the past. We can monitor your consumption.
“It is a full system in the sense that it is a self auditing system that takes control out of the hands of human into machine. You will be sure of what you consume and beyond what you consume, the system will shut down. You cannot bypass the meter. It is full proof system; once you touch it, it shut down your system. We will ensure strict monitoring and control to ensure that the system is worth the investment."
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