NERC to Deregulate Meter Prices Starting May 1
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Nigeria News
On Monday, the Nigerian Electricity Regulatory Commission issued an order regarding the Deregulation of Meter Prices for meters installed through the Meter Asset Provider Scheme.
The deregulation of meter prices was announced following requests from Meter Asset Providers and other stakeholders for a reevaluation of meter prices. This request was prompted by notable shifts in foreign exchange rates and inflation since NERC's last review of meter prices in September 2023.
The substantial fluctuations in these macroeconomic factors have hindered meter providers' capacity to supply meters at the approved regulated price.
On Monday, the Nigerian Electricity Regulatory Commission issued an order regarding the Deregulation of Meter Prices for meters installed through the Meter Asset Provider Scheme.
The deregulation of meter prices was announced following requests from Meter Asset Providers and other stakeholders for a reevaluation of meter prices. This request was prompted by notable shifts in foreign exchange rates and inflation since NERC's last review of meter prices in September 2023.
The substantial fluctuations in these macroeconomic factors have hindered meter providers' capacity to supply meters at the approved regulated price.
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“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 cognizance 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,” NERC stated.
It added, “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 authorized vendors.”
“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 cognizance 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,” NERC stated.
It added, “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 authorized vendors.”
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