Market forces will from tomorrow, May 1, 2024 determine the price of meters.
The development followed Nigerian Electricity Regulatory Commission, NERC’s deregulation of Meter Prices for meters deployed under the Meter Asset Provider Scheme.
On Monday, the commission made known the news.
It said, it arose from Meter Asset Providers and other operators’ request to further review of meter prices following significant changes in foreign exchange and inflation rates since the last price review of the prices of meters by NERC in September 2023.
The commission conveyed all this via a statement it released which reads: “The commission has noted the need for the efficient pricing of meters to respond more quickly to changes in macroeconomic parameters, particularly exchange rates.
“The commission has further taken cognisance of the constraints/challenges faced by MAPs and LMMAs and therefore approved the deregulation of prices of meters deployed under the MAP scheme with effect from May 1, 2024.
“With effect from May 1, 2024, all prices of meters under the MAP scheme shall be determined through a competitive bidding process with customers provided with a choice of authorised vendors.”
