The Nigerian Electricity Regulatory Commission (NERC) yesterday increased the price of a single phase meter from N58,661.69 to N81,975.16.
Also, it increased the price of the three phase meter from N109,684.36 to N143,836.10.
The adjustments are contained in a directive by the commission’s chairman, Sanusi Garba, and Commissioner Legal and Licensing Compliance, Dafe Akpeneye.
It was titled: “The deregulation of meter prices for meters deployed under the Meter Asset Provider Scheme.”
NRRC said the Meter Asset Provider and National Mass Metering Regulations would account for the metering of end-use customers of successor electricity distribution licensees (“DisCos”).
Section 8(1 )(c) of the regulations provides that “the cost of single phase and three phase meters for MAPs, inclusive of all other associated costs of installation and warranties, shall continue to be at the regulated rates approved by the commission”.
The agency said the Meter Asset Providers (MAPs) and Local Meter Manufacturers Associations (LMMAs) have requested for a further review of meter prices in consideration of significant changes in NGN/USD foreign exchange and inflation rates since the last price review in September 2023.
It pointed out that significant changes in these macroeconomic variables have constrained their ability to supply meters at the approved regulated price.
NERC said it has considered the need for the efficient pricing of meters to respond more quickly to changes in macroeconomic parameters, particularly exchange rates.
