14 October 2014, Techno Gas and Power, a subsidiary of Techno Oil Limited has hinted that Nigeria’s power sector needs at least 6.5 million prepaid meters to meet the energy needs of electricity consumers and help investors in the sector recoup their investment.
For this reason, the company said it has sealed a deal with a Bulgarian Metering Solution company, Incotex to produced 350, 000 pre-paid meters yearly in Nigeria.
Managing Director of Techno Gas and Power, Mr. Collins Onyema who disclosed the partnership to newsmen in Lagos said the country currently has over six million deficit of pre-paid meters in circulation that needs to be addressed.
The partnership became necessary to urgently address the vacuum created by the inability of the erstwhile Power Holding Company of Nigeria, PHCN to provide meters where they are needed.
“We are all aware of the discomfort suffered by millions of electricity consumers nationwide, who are unable to get electricity meters due to no faults of theirs,” he said.
He explained that the current Nigeria meter market is worth over N150 billion.
Mr. Oyeama also hinted that the planned Techno Gas and Power meters will bring succour to investors in the sector because they are “tamper proof”
“The practice of many consumers to bypass meters and connect directly would be a thing of the past. The meters would read even when it has been bypassed by customer and at very low voltage,” Mr. Oyeama said.
He equally noted that Techno Gas and Power decided to tackle the problem of meter short fall in the sector by entering into the partnership with the European firm to make meters available to Nigerians