NERC increases price of pre-paid electricity meters

The Nigerian Electricity Regulatory Commission (NERC) on Wednesday announced that there has been an increase in the price of pre-paid electricity meters across the country.

The NERC confirmed the increment in a circular dated 5 September 2023 and signed by the commission’s Chairman and Commissioner Legal, Licencing and compliance, Sanusi Garba and Dafe Akpeneye, respectively.

Garba and Akpeneye stated that a single phase pre-paid meter would now cost the sum of N81,975.16k from the previous N58,661.69k.

They added that the price of a three-phase pre-paid meter has risen to N143,836.10k from the initial N109,684.36k.

“The new price is meant to ensure a fair and reasonable pricing of meters to both MAPs and end-use customers,” NERC said in a circular.

NERC said it is also to ensure the ability of Meter Asset Providers (MAPs) to recover reasonable costs associated with meter procurement and maintenance while ensuring that their pricing structure allows for a viable return on investment.

They added that the new price will help to evaluate the affordability of meter services for consumers, aiming to prevent excessive pricing that could burden end-users.

It is further help to ensure that MAPs are able to provide meters to end-use customers in the prevailing economic realities.

Meanwhile, NERC in August urged users of pre-paid meters to update such before November 2024.

The regulatory commission noted that users might face difficulties in recharging their pre-paid meters after November 2024 if the required updates are not done before the deadline.