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FG hikes electricity meters prices

Federal Government, on Wednesday, increased the prices of single-phase and three-phase pre-paid electricity meters, declaring that the price changes will take effect from September 6, 2023.

This announcement was made in an order released by the Nigerian Electricity Regulatory Commission with the number, NERC/2023/020, and jointly signed by the commission’s Chairman, Sanusi Garba, and its Commissioner, Legal, Licencing and Compliance, Dafe Akpeneye.

The FG in the order stated that a single-phase meter would now cost N81,975.16k from the previous price of N58,661.69k, while the price of a three-phase meter has been increased to N143,836.10k from N109,684.36k.

On why it increased the costs of the meters, the NERC said it was to ensure fair and reasonable pricing of meters to both Meter Asset Providers and end-user customers.

The commission noted that the price hike would ensure MAP’s ability to recover reasonable costs associated with meter procurement and maintenance, while ensuring that their pricing structure allowed 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,” NERC stated.

Details later…

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