New price hike sees single-phase meters soar to over N149,000 as Nigerian Electricity Regulatory Commission’s deregulation policy takes effect.
Electricity Distribution Companies (DisCos) in Nigeria have once again raised the prices of electricity meters, marking the second price increase in just four months. This latest adjustment, effective from November 5, 2024, follows an earlier hike in August 2024, raising concerns over affordability among electricity consumers across the country.
Under the new price structure, the cost of a single-phase meter has risen significantly, with prices now ranging from N123,130 to as much as N161,035, depending on the DisCo and meter vendor. Prices for three-phase meters have also seen a steep increase, with the cost ranging from N206,345 to N266,600 in some areas.
The increase is a result of the deregulation of the Meter Asset Providers (MAP) scheme by the Nigerian Electricity Regulatory Commission (NERC). The deregulation allows meter prices to be determined through competitive bidding, rather than being centrally regulated, as was the case before.
A breakdown of the new prices across various DisCos shows significant variations. In Eko DisCo, single-phase meters now cost between N135,987 and N161,035, while three-phase meters range from N226,600 to N266,600. In contrast, the Ibadan DisCo has set the price for single-phase meters between N130,998 and N142,548, while three-phase meters cost between N226,556 and N232,008.
For other DisCos, the new meter prices are as follows:
Abuja DisCo: Single-phase meters cost between N123,130 and N147,812, while three-phase meters range from N206,345 to N236,500.
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Kano DisCo: Single-phase meters range from N127,925 to N129,999, and three-phase meters are priced between N223,793 and N235,425.
Kaduna DisCo: Single-phase meters are now priced between N131,150 and N142,548, with three-phase meters ranging from N220,375 to N232,008.
The price hikes come at a time when many consumers are already grappling with the economic impacts of inflation and high energy costs. The revised pricing model has raised alarm among Nigerians, with many questioning the affordability and transparency of the new system.
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