Saturday, February 27, 2021
30 C
Abuja
Saturday, February 27, 2021

NERC increases cost of meter, blames exchange rate

Must read

Canada will stick with $79bn stimulus despite debt fears: Source

‘The greater crime would be not to do enough,’ a senior Canadian government official told Reuters news agency.Canada’s stimulus plan is valued at $100...

Snapshot on African Economy as @ 260221

Friday, February 26, 2021/ 04:00PM / United Capital Research / Header Image Credit: @cgtnafrica   Anglophone West Africa GhanaGhana's government sold GH3.0bn for 2-year bond at a coupon rate of 19.3% due...

Michael Casey: COVID Economy Shows Monetary Failure

Welcome to Money Reimagined.A lot of red in crypto markets this week. The sell-off has likely given pause to latecomers. Among crypto old-timers, however,...

Africa in the news: African debt, rising food prices, and vaccine updates

African countries continue to weigh new debt relief options while facing COVID-19 On Thursday, February 11, the United Nations Economic Commission for Africa (UNECA) predicted...

Nigerian Electricity Regulatory Commission (NERC), has further increased the price of the asset to N82,855.19 for three phase and N44.896.16 for single phase meters.

This is despite that stakeholders have decried the poor implementation of the Meter Asset Providers (MAPs) policy.

While the prices were N36,991 for single phase and N67,055 a memo obtained by The Guardian and signed by the Chairman of NERC, James Momoh, pegged the new price pursuant to section 19 (d) of the MAPs regulation.

“In arriving at the approved unit costs, the commission has considered the recent changes in foreign exchange approved by the Central Bank of Nigeria and the applicable rate available to importers of meter component or fully assembled meters through investors and exporters’ forex window,” Momoh said in the memo.

This is in-spite several public outcry over the inability of NERC and the nation’s power distribution companies to provide basic infrastructure, including prepaid meters to customers, years after the power sector privatisation.

In the Key Performance Indicators (KPIs) rooted in the Performance Agreement (PA) for the DisCos, the NERC, through the EPSRA Act of 2005 states that power utility companies are charged with the responsibility of metering consumers.

This is the basis for Sections 32 sub-section D, and Section 76 sub-section 2 of the Act, which aims to calculate tariffs to achieve the legislation on liberalisation.

To address the deficit, NERC transferred the responsibility of meter acquisition to end users with the introduction of MAPs policy, which third part investors into distribution subsector.

According to NERC, out of a total of 8, 310, 408 registered active electricity customers, only 3, 704, 302 (44.6 per cent) have been metered, which means that 55.4 per cent of end-use customers are still on estimated billing.

- Advertisement -

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest article

Canada will stick with $79bn stimulus despite debt fears: Source

‘The greater crime would be not to do enough,’ a senior Canadian government official told Reuters news agency.Canada’s stimulus plan is valued at $100...

Snapshot on African Economy as @ 260221

Friday, February 26, 2021/ 04:00PM / United Capital Research / Header Image Credit: @cgtnafrica   Anglophone West Africa GhanaGhana's government sold GH3.0bn for 2-year bond at a coupon rate of 19.3% due...

Michael Casey: COVID Economy Shows Monetary Failure

Welcome to Money Reimagined.A lot of red in crypto markets this week. The sell-off has likely given pause to latecomers. Among crypto old-timers, however,...

Africa in the news: African debt, rising food prices, and vaccine updates

African countries continue to weigh new debt relief options while facing COVID-19 On Thursday, February 11, the United Nations Economic Commission for Africa (UNECA) predicted...

FATF updates guidance on crypto service providers, calls for public comments

The Financial Action Task Force says it is set to publish an update to its guidelines on cryptocurrencies and virtual asset service providers; a...