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FG- Imo: :Regulatory Oversight of The State Electricity Market Is Now Underr ISERC

By Favour Ifeoluwa & Akinola Ajibade  The Federal Government yesterday( Monday) announced the transfer of Regulatory Oversight of the Electricity Market in Imo State to the state electricity regulatory commission, otherwise known as (ISERC). In a statement issued by the Nigerian Electricity Regulatory Common( NERC), the development is in compliance with the amended Constitution of the Federal Republic of Nigeria (CFRN) and the Electricity Act 2023 (Amended), reiterating that all transfers envisaged by this order shall be completed by 31 December 2024. According to the Commission,the transfer Order’s provisions include: “Direct Enugu Electricity Distribution Company (EEDC) to incorporate a subsidiary (EEDC SubCo) to assume responsibilities for intrastate supply and distribution of electricity in Imo State from EEDC, and that EEDC shall complete the incorporation of EEDC SubCo within 60 days from 27th June 2024. The subcompany shall apply for and obtain licence for the in
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NERC Approves New Prices For Meters/ Unit Costs


By Favour & Akinola Ajibade

Electricity consumers, henceforth, are going to pay new prices for prepaid meters and unit costs of the product respectively, the Nigerian Electricity Regulatory Commission  (NERC) has said. 

In the circular dated September 5th 2023 and signed its Chairman, Sanusi Garba and the Commissioner of Legal, Licensing and Complicated,  Safe Akpeneye, the Commission blamed the development on factors such as rising rates of inflation, landing cost of the material and the recent increase in charges by Nigerian Customs Services.

Others are multiple Charges by various Institutions in charge of Ports and the increasingly outrageous cost of doing business in Nigeria and other built-in costs.

Apart from this, NERC approved new prices for unit cost of electricity for consumers. 

According to the approved price list Single Phase Pre Paid Meters is now N81, 975 . 16k. from N58 , 661 .69k, 3 Phase Pre Paid Meters is now N143 , 836 .10k from N109 ,684.36k .

While justifying the increase, the Commission said the adjustment in prices of meters and unit cost of the product was to create an equitable and sensible meter pricing system that would be fair to both Meter Asset Providers (MAPs) and end-user customers.

Continuing further,  NERC said that MAP will ensure the ability to recover reasonable costs associated with meter procurement and maintenance while ensuring that their pricing structure allows for a viable return on investment.

It also stated that “Pursuant to the provisions of section 8(1)(c) of the Regulations which provides that the costs of single-phase and three-phase meters for MAPs, inclusive of all other associated costs of installation and warranties shall be at the regulated rates approved by the Commission, the Commission hereby approves the following review of meter prices of MAP issued meters.

“The approved meter prices are exclusive of Value Added Tax (VAT). The approved meter prices are also inclusive of the revised Nigerian Electricity Management Services Agency (“NEMSA”) sealing cost.

“All MAPs shall adjust their prices to reflect the approved rates. All Maps shall supply meters previously paid for by end-use customers prior to the commencement of this Order at the prevailing rate when payment was made by the customers without additional increase in cost.

“All DisCos and MAPs are to develop/implement customer enlightenment campaigns on the price review along with a schedule on the implementation of their meter rollout plans.“All MAPs shall continue to file monthly sales and meter installation returns with the Commission.”

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