Nigerian Electricity Regulatory Commission (NERC) has approved an increase in the prices of prepaid electricity meters.

NERC made the announcement on Tuesday in a circular marked NERC/2023/020, and jointly signed by Sanusi Garba, the commission’s chairman and Dafe Akpeneye, its commissioner, legal, licencing, and compliance.

The commission said a single-phase meter will now cost N81,975.16k, instead of the previous price of N58,661.69k.

Similarly, the price of a three-phase meter was increased to N143,836.10k from N109,684.36k.

According to the NERC, the new charges will take effect from Wednesday, September 6, 2023.

The agency said it increased the costs of the meters to ensure fair and reasonable pricing of meters to both meter asset providers (MAP) and end-user customers.

The commission said the price increase would aid MAPs’ ability to recover reasonable costs associated with meter procurement and maintenance, ensuring that their pricing structure allowed for a viable return on investment.

The approved meter prices are exclusive of value-added tax (VAT), NERC added.

“The approved meter prices are also inclusive of the revised Nigerian Electricity Management Services Agency (“NEMSA”) sealing cost,” the notice reads.

“All MAPs shall adjust their prices to reflect the approved rates. All Maps shall supply meters previously paid for by end-use customers prior to the commencement of this Order at the prevailing rate when payment was made by the customers without additional increase in cost.”

In addition, NERC directed all electricity distribution companies and MAPs to develop/implement customer enlightenment campaigns on the price review along with a schedule for the implementation of their meter-rollout plans.

The federal government had, in November 2021, announced the price hike of prepaid meters for single-phase meters and three-phase meters.

The Cable