Yola, Adamawa State, Nigeria – January 22, 2024 - Yola Electricity Distribution Company (YEDC) is proud to announce that it is one of the only two distribution companies (DISCOs) in Nigeria that made 100% remittances to the market, according to the Nigerian Electricity Regulatory Commission's (NERC) Quarter 3 report. This means that YEDC is fully paying its invoices to the Nigerian Bulk Electricity Trading (NBET) company, which is responsible for buying and selling electricity in the country.

This outstanding performance is a testament to the transformation that YEDC has undergone in the past two years since Mainstream Energy Solutions Limited (MESL) took over its operations through its subsidiary, Quest Electricity Nigeria Limited (QENL). MESL through QENL has committed significant resources to improve the infrastructure, technology, and human resources of YEDC, with a vision to deliver reliable electricity to its customers.

YEDC has constantly demonstrated its commitment to adhering to the highest standards of corporate governance, ethics, and social responsibility, creating a virile work environment for all staff. Before the new management took over in January 2022, the company was one of the worst-performing distribution companies in Nigeria with an ATC&C loss of 80%. Remittances to the market were less than 30% of what is being achieved today as captured in the regulator's quarterly report. Today, that same company is remitting 100% to the market, with a drastically reduced average ATC&C of 56% and a billing efficiency of 100%.

YEDC's performance in the industry does not come as a surprise due to the legacy and stellar achievements of Mainstream Energy Solutions Limited, the parent company of Quest Energy Nigeria Limited. The company has single-handedly revived ailing dams in the country, optimizing their performance and providing clean energy to homes and businesses in Nigeria. The company has consistently set benchmarks in the energy sector and only recently celebrated the generation of a record 6 million megawatt hours to the national grid in 2023. With antecedents such as these, they are set to make YEDC one of the best-performing distribution companies in Nigeria and the recent report from the regulator underscores this.

Signed: Management