The Nigerian Electricity Regulatory Commission (NERC) has approved an upward price increase for prepaid electricity meters in the country by 40 per cent.

The commission announced this in an order released with the number, NERC/2023/020, jointly signed by the commission’s Chairman, Sanusi Garba, and its Commissioner, Legal, Licencing and Compliance, Dafe Akpeneye.

The commission stated that a single-phase meter would now cost N81, 975.16k from the previous price of N58,661.69k, while the price of a three-phase meter was raised to N143,836.10k from N109,684.36k.

NERC stressed that the increment was to ensure fair and reasonable pricing of meters to both Meter Asset Providers (MAPs) and end-use customers.

The circular pointed out that the hike would ensure MAP’s ability to recover reasonable costs associated with meter procurement and maintenance, while ensuring that their pricing structure allowed for a viable return on investment.

“Evaluate the affordability of meter services for consumers, aiming to prevent excessive pricing that could burden end-users. Ensure that MAPs are able to provide meters to end-use customers in the prevailing economic realities,” the commission stated.