NERC raises electricity meter price by 40%

The Nigerian Electricity Regulatory Commission (NERC) has increased the cost of electricity meters payable through the Meter Assets Programme (MAP).

This was contained in an order issued by the NERC Chairman, Engr. Sanusi Garba, and the Commissioner, Legal, Licensing and Compliance, Dafe Akpeneye, on Tuesday, September 5, 2023.

The commission increased the price of single phase meters by N23,313.47 or 39.74 per cent from N58,661.69 to N81,975.16.

The price for three phase meters was also increased by N34,151.74 or 31.13 per cent from N109,684.36 to N143,836.10.

READ ALSO: Varsity in Darkness: FG bails out ABU, pays N1bn electricity debt

The NERC hinged the increment on “significant changes in macroeconomic indicators, such as inflation and changes in the foreign exchange rates.”

The commission noted that the approved meter prices were exclusive of the 7.5 per cent Value Added Tax (VAT).

It said the new price regime was to ensure a fair and reasonable pricing of meters to both MAPs and end-use customers

The NERC added: “Ensure Meter Assets Programme (MAP)’s ability to recover reasonable costs associated with meter procurement and maintenance while ensuring that their pricing structure allows for a viable return on investment.

“Evaluate the affordability of meter services for consumers, aiming to prevent excessive pricing that could burden end-users.

“Ensure that MAPs are able to provide meters to end-use customers in the prevailing economic realities.”

The Star