Power: FG Hikes Prices Of Pre-paid Meters…

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The Federal Government has increased the price of both single-phase and three-phase electricity meters.

The Nigerian Electricity Regulatory Commission (NERC) announced the price increase in a circular dated November 11, 2021, and addressed to managing directors, all electricity distribution companies and all meter asset providers.

The circular titled ‘Review of the unit price of end-use meters under the Meter Asset Provider and National Mass Metering Regulations’ stated that the upward review of meter prices was due to “the recent changes in macro-economic parameters.”

As stated the circular, the regulator raised the price of a single-phase meter from the current cost of N44,896.17 to a revised rate of N58,661.69.

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

According to NERC, the price review takes effect from Monday, November 15, 2021.

The circular reads; “In arriving at the approved unit price, the Commission had, in particular, only considered changes in foreign exchange and inflation since the last review of June 2020,” the circular reads.

“This price review is subject to change upon the conclusion of the procurement process under phase 1 of the National Mass Metering Program. This price review is effective from 15th November 2021.”

The regulator also noted that all costs are exclusive of value-added tax (VAT).

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