Prepayment Meters Photo: Memmcol

Why NERC hikes prices of prepayment meters by 21 percent

Isola Moses | ConsumerConnect

Though long expected while citing the recent Nigeria’s currency (Naira) devaluation as a reason for the move, the Nigerian Electricity Regulatory Commission (NERC) finally, has said that electricity consumers will start paying 21 percent additional cost for single-phase meters with effect from June 1, 2020.

According to the NERC, power consumers requesting three-phase meters will have to bear a 23 percent price increase in accordance with the new regulations by the electricity industry regulator in the country.

It was learnt that the Commission, in a letter to the electricity Distribution Companies (DisCos) and Meter Asset providers, stated that the price of single-phase meters is now N44,896.17 rather the previous N36,991.50 while consumers applying for three-phase meters are to pay N82,855 instead of existing N67,055.

NERC said: “In arriving at the approved unit costs, the Commission has considered the recent changes in foreign exchange approved by the Central Bank and the applicable rates available to importers of meter components and/or fully assembled meters through the “Investors and Importers” Forex window.”

The Commission also disclosed that it is implementing a second round of Meter Asset Providers.

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