Check out the six new Nigerian state that can now regulate their own electricity

• On August 27, the Nigerian Electricity Regulatory Commission (NERC) transferred regulatory authority to six states—Enugu, Ekiti, Ondo, Imo, Oyo, and Edo
• These states have established their own electricity regulatory agencies to oversee and manage their local markets
• NERC explains that the change allows for localised control over electricity regulation within these regions

The Nigerian Electricity Regulatory Commission (NERC) announced on August 27 that six states have officially gained the authority to regulate their electricity markets.

Following the transfer of regulatory power from the NERC, the states—Enugu, Ekiti, Ondo, Imo, Oyo, and Edo—will now oversee their respective electricity markets.

NERC mentions 6 new states with autonomy on electricity. Photo credit: UNDP and KcKate16
Source: Getty Images

These states have established their own electricity regulatory agencies to manage and oversee the sector.

The move marks a significant shift in the regulatory landscape, allowing for more localized control and management of electricity resources within these regions.

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The statement read:

“The following 6 States are now authorised to regulate electricity markets after the transfer of regulatory authority from the NERC: Enugu, Ekiti, Ondo, Imo, Oyo, Edo. They have set up electricity regulatory agencies and will be regulating the electricity market in their respective States.”

Established in 2005 to regulate Nigeria's electricity

The Nigerian Electricity Regulatory Commission (NERC) was established in 2005 following the passage of the Electric Power Sector Reform Act.

Its primary mandate is to regulate the generation, transmission, distribution, and sale of electricity in Nigeria. NERC was created to promote efficiency and ensure a competitive and transparent electricity market, addressing the challenges of an ailing power sector.

Over the years, the Commission has implemented various regulatory frameworks to improve service delivery and expand access to electricity across the country.

NERC announces new rate for electricity tariff

Meanwhile, Legit.ng earlier reported that the Nigerian Electricity Regulatory Commission (NERC) has announced that the currency rate used to determine Band A consumers' current electricity cost has been lowered by 16.03%.

NERC cited this in its recently released Multi-Year Tariff Order (MYTO) for May to December 2024.

The electricity regulator consequently said that it slashed the rate from the present N1,463.3/$ to N1,277.8/$ due to the appreciation of the naira against the dollar in the past month.

Source: Legit.ng