'No more N59k' - NERC announces increase in prices of pre-paid metres

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.

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.

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