FG increases prices of electricity meters

By AdvocateNews on 12/11/2021

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The Federal Government has raised the cost of both single-phase and three-phase electricity meters beginning from November 15, 2021.

It announced this in a circular dated November 11, 2021, issued by the Nigerian Electricity Regulatory Commission and addressed to managing directors, all electricity distribution companies and all meter asset providers.

The circular, with reference number NERC/REG/MAP/GEN/751/2, was entitled ‘Review of the unit price of end-use meters under the Meter Asset Provider and National Mass Metering Regulations’.

In the document, the regulator raised the price of a single-phase meter from the current cost of N44,896.17 to a revised price of N58,661.69.

It also increased the price of a three-phase meter from the current cost of N82,855.19 to a revised rate of N109,684.36.

Justifying the increase, the power regulator said:
 
 “Pursuant to the provisions of the MAP and NMM Regulation, NERC noted the recent changes in macro-economic parameters and hereby approves an upward review of unit price of meters.”
 
NERC in the letter signed by the Chairman, Engr. Sanusi Garba, said the Commission arrived at the approved unit price by considering the rise in the foreign exchange (forex) and inflation rate since the last review in June 2020.
 
“The price review is subject to change upon the conclusion of the procurement process under phase 1 of the NMMP. This price review is effective from 15th November 2021,” the regulator added.
 
Electricity consumers faced multiple increases in the prices of meters in June 2020 when NERC hiked the price by about 14%. While the meter price increased due to the new 7.5% VAT, it further increased in July following forex challenges.
 
According to the pricing template in April 2020, a single phase meter sold for N39,991.50 while a three phase meter went for N67,055.85. However, with the pricing template of NERC in June 2020, the single phase meter rose to N44,896.17 while the three phase meter sold for N82,855.19.
 
Analysis shows that the single phase meter rose by N449 which is 11%, the three-phase meter rose by N829 (18%).
 
The 11 DisCos then included the 7.5% VAT and as at today, a single phase meter goes for N48,263 while three phase is N89,069.

Posted 12/11/2021 11:27:15 PM

 

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