The Nigerian Electricity Regulatory Commission (NERC) has approved an upward price review for prepaid electricity meters used in the country.
The new prices are effective from September 5, 2023. A single-phase prepaid meter will now cost N81,975.16, up from N58,661.69. A three-phase prepaid meter will now cost N143,836.10, up from N109,684.36.
The approved prices are exclusive of the 7.5% Value Added Tax (VAT).
NERC said the new price regime was to ensure a fair and reasonable pricing of meters to both Meter Asset Providers (MAPs) and end-user customers.
The circular quoted NERC as saying:
“Ensure MAP’s ability to recover reasonable costs associated with meter procurement and maintenance while ensuring that their pricing structure allows for a viable return on investment. Evaluate the affordability of meter services for consumers, aiming to prevent excessive pricing that could burden end-users. Ensure that MAPs can provide meters to end-use customers in the prevailing economic realities.”
The new price review has been met with mixed reactions from consumers and stakeholders. Some consumers have expressed disappointment, saying that the new prices are too high. Others have welcomed the move, saying that it will help to ensure that MAPs can recover their costs and provide meters to more consumers.
It remains to be seen how the new price review will impact the availability and affordability of prepaid electricity meters in Nigeria.