NERC Hikes Cost Of Power Supply, Sights Increase In CBN’s Foreign Exchange Rate

Nigerian Electricity Regulatory Commission has hiked the cost of electricity for prepaid meter users sighting hike in foreign exchange rate by the Central Bank of Nigeria as the cause.

This was contained in a memo signed by the NERC Chairman, Prof. James Momoh, pegging the new price pursuant to section 19 (d) of the Meter Asset Providers regulation .

The memo read that the commission had increased the price for a three- phase meter from N67 , 055 to N82 , 855 . 19 , while the cost of a single – phase meter was raised from N36 , 991 to N44 . 896 . 16.

The commission providing reasons for the increase in meter cost, said that the hike in foreign exchange rate by the Central Bank of Nigeria was a contributory factor.

However, according to stakeholders, the introduction of the MAP model had yet to adequately address the meter demands of customers.

Power users had repeatedly condemned the inability of the regulatory commission and power distributors to provide prepaid meters since the sector was privatised in November 2013 and NERC still have no solution in sight.

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