JUST IN: FG Hikes Price Of Prepaid Electricity Meters

The Nigerian Electricity Regulatory Commission (NERC) has approved an upwards price increase in the price of
single-phase and three-phase pre-paid electricity meters, and declared that the price changes will take effect from September 6, 2023.

In a circular signed and dated 5 September 2023 by the commission’s Chairman and Commissioner Legal, Licencing and compliance, Sanusi Garba and Dafe Akpeneye, respectively, it stated that a single phase pre paid meter would now cost N81,975.16k from the N58,661.69k while three phase pre paid meters is increased to N143,836.10k from N109,684.36k.

It announced this in an order released by the commission’s Chairman and Commissioner Legal, Licencing and compliance, Sanusi Garba and Dafe Akpeneye.

In the order, the FG 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 was raised 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.

It 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,” the commission stated.