LAGOS, Nigeria (VOICE OF NAIJA) – The Nigerian Electricity Regulatory Commission (NERC) on Monday, announced the new regulated price for single and three phase meter.
The adjusted price which is said to have been influenced by exchange rates, would effect May 1, 2024.
According to the regulatory body, the new price single phase meter would be N81,975.16 from the previous N58,661.69, while that of three phase meter ranges from N109,684.36 to N143,836.10.
The adjustments were contained in a joint directive by the commission’s Chairman, Engr. Sanusi Garba, and Commissioner Legal and Licensing Compliance, Barrister Dafe Akpeneye.
The title of the order is “The deregulation of meter prices for meters deployed under the Meter Asset Provider Scheme.”
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The agency said the Meter Asset Provider and National Mass Metering Regulations (“Regulations”) provide for the metering of end-use customers of successor electricity distribution licensees (“DisCos”). Section 8(1 )(c) of the Regulations provides that “the cost of single phase and three phase meters for MAPs, inclusive of all other associated costs of installation and warranties shall continue to be at the regulated rates approved by the Commission”.
NERC said the Meter Asset Providers (MAPs) and Local Meter Manufacturers Associations (LMMAs) have requested a further review of meter prices inconsideration of significant changes in NGN/USD foreign exchange rate and inflation rate since the last price review in September 2023 and the significant changes in these macroeconomic variables has constrained their ability to supply meters at the approved regulated price.
NERC said the approved regulated pricing is for efficient changes in macroeconomic deliveries, particularly the forex market.
NERC said, “the commission hereby orders: with effect from 1 May 2024, all prices of meters under the MAP scheme shall be determined through a competitive bidding process with customers provided with a choice of authorised vendors.
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“The combined effects of sections 8(1 )(c), 8(1 )(d), 16(1 )(h), 31 and 32(1 )(b) of the Regulations on the regulated pricing of meters deployed under the MAP scheme is hereby derogated.
“The cost of prices of meters deployed under the MAP scheme is HEREBY DEREGULATED to enable end.use customers acquire meters from MAPs.”