“No More N59k”: NERC Announces Increase in Prices of Pre-paid Metres

• The power regulatory agency in Nigeria has finally approved an upward review of the cost of metres in the country
• This means Nigerians will now pay N82k as opposed to the previous 59k for a single-phase metre
• NERC stated that the new price was to ensure fair and reasonable pricing of metres to parties involved

The price of pre-paid power metres in the nation has increased following approval from the Nigerian Power Regulatory Commission (NERC).

This is coming after speculations of a 40% tariff hike by electricity distribution companies (DisCos). The DisCos had claimed they made over 40% losses due to escalating petrol prices, fluctuating exchange rates, and other economic conditions.

Recall that a total of 11 Nigerian electricity distribution companies have applied for the review of their electricity tariffs.

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Single phase metre now N82k

According to report, a single phase pre-paid metre will now cost N81,975.16k from N58,661.69k.

This was reportedly contained in a circular signed and dated 5 September 2023 by Sanusi Garba, NERC's Chairman, and Dafe Akpeneye, Commissioner for Legal, Licencing and Compliance respectively.

Three phase pre-paid metres will now cost N143,836.10k from N109,684.36k.

According to the circular, the new price was set to guarantee that metres were priced fairly and reasonably for both MAPs and end-use customers.

The statement read:

Ensure 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.

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

Nigerians access more prepaid metres as DisCos install 171,107 in 3 months

Legit.ng had reported that the number of prepaid metres installed continued to grow slowly in the first quarter of 2023, from 164,612 metres installed in the fourth quarter of 2022 to 171,107 metres installed in Q1 2023.

This indicates a 3.95% quarter-over-quarter increase in the number of installed metres.

This was disclosed in the Nigerian Electricity Regulatory Commission, NERC’s first quarter report for 2023.

Source: Legit.ng