In a significant development, the Nigerian Electricity Regulatory Commission (NERC) has given its stamp of approval for an increase in the prices of prepaid electricity meters.
The announcement, which came via a circular marked NERC/2023/020, was jointly signed by Sanusi Garba, the Chairman of the commission, and Dafe Akpeneye, the Commissioner of Legal, Licensing, and Compliance.
Effective Wednesday, September 6, 2023, these revised meter prices are poised to impact both Meter Asset Providers (MAPs) and end-users across the nation. NERC has justified this move as a means to ensure fairness in pricing, boost the sustainability of MAPs, and ultimately deliver better services to consumers.
Under the new pricing structure, a single-phase meter will now cost N81,975.16k, marking a significant increase from the previous price of N58,661.69k. Similarly, the price of a three-phase meter has surged to N143,836.10k from its previous price of N109,684.36k.
NERC emphasized that these new rates are exclusive of value-added tax (VAT), and they also incorporate the revised Nigerian Electricity Management Services Agency (NEMSA) sealing cost.
“The approved meter prices are also inclusive of the revised Nigerian Electricity Management Services Agency (“NEMSA”) sealing cost,” reads the notice.
This price adjustment aims to enable MAPs to recover their reasonable costs associated with meter procurement and maintenance, ensuring that their pricing structure allows for a viable return on investment.
NERC has additionally directed all electricity distribution companies and MAPs to initiate customer enlightenment campaigns to educate consumers about price reviews. These campaigns will be coupled with a comprehensive schedule for the implementation of their meter-rollout plans.
With this latest development, NERC envisions a more equitable and robust prepaid electricity metering system that ultimately benefits both providers and consumers while promoting transparency in the energy sector.
