FG hikes price of electricity meter from N58k to N81k

The Nigerian Electricity Regulatory Commission (NERC) has approved an increase in the price of prepaid electricity meters.

In a circular marked NERC/2023/020, NERC made the announcement on Tuesday. The statement was signed jointly by Sanusi Garba, the Commission’s Chairman, and Dafe Akpeneye, its Commissioner, Legal, Licencing, and Compliance.

The commission said a single-phase meter will now cost N81,975.16k, instead of the previous price of N58,661.69k. In the same way, the price of a three-phase meter was increased from N109,684.36k to N143,836.10k.

The NERC says the new charges will take effect from Wednesday, September 6, 2023. It added that it increased the costs of the meters to ensure fair and reasonable pricing of meters to both Meter Asset Providers (MAP) and end-user customers.

The commission said the price increase would aid MAPs’ ability to recover reasonable costs associated with meter procurement and maintenance, ensuring that their pricing structure allowed for a viable return on investment.

NERC added that the approved prices of the meters are exclusive of value-added tax (VAT).

“The approved meter prices are also inclusive of the revised Nigerian Electricity Management Services Agency (“NEMSA”) sealing cost,” the notice reads.

“All MAPs shall adjust their prices to reflect the approved rates. All Maps shall supply meters previously paid for by end-use customers prior to the commencement of this Order at the prevailing rate when payment was made by the customers without additional increase in cost.”

Furthermore, NERC directed all MAPs and electricity distribution companies to develop and implement customer enlightenment campaigns on the price review along with a schedule for the implementation of their meter-rollout plans.

The federal government had, in November 2021, announced an increase in the price of prepaid meters for single-phase meters and three-phase meters.