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NERC Announces 40% Increase In Electricity Meter Prices

The Nigerian Electricity Regulatory Commission (NERC) has taken a significant step by raising the prices of electricity meters under the Meter Assets Programme (MAP).

 This decision was communicated through an official order issued by NERC Chairman, Engr. Sanusi Garba, and the Commissioner for Legal, Licensing, and Compliance, Dafe Akpeneye, on Tuesday, September 5, 2023.

Under this new pricing structure, the cost of single-phase meters has surged by N23,313.47, representing an increase of 39.74%, from the previous price of N58,661.69 to N81,975.16.

” Likewise, three-phase meters now come with a price tag that’s N34,151.74 higher, marking a 31.13% rise from N109,684.36 to N143,836.10.

NERC attributed this price hike to “significant changes in macroeconomic indicators, such as inflation and changes in foreign exchange rates.” It’s worth noting that the approved meter prices do not include the 7.5% Value Added Tax (VAT).

In explaining the rationale behind these adjustments, NERC emphasized its commitment to ensuring fair and reasonable meter pricing for both Meter Assets Programme (MAP) operators and end-use customers. 

The commission aims to facilitate the recovery of reasonable costs associated with meter procurement and maintenance while also ensuring a viable return on investment for MAPs.

NERC’s decision further seeks to assess the affordability of meter services for consumers, with a focus on preventing excessive pricing that could place an undue burden on end-users.

 The commission aims to enable MAPs to provide meters to end-use customers while considering the prevailing economic conditions.

 

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