Nigerian Electricity Regulatory Commission (NERC) is contemplating an increase in the prices of prepaid meters in the near future, citing the escalating production costs faced by meter manufacturers.
The commission’s decision has reportedly prompted manufacturers to suspend issuing invoices to Distribution Companies (Discos) in anticipation of the impending upward price revision.
Sources indicate that the surge in meter prices is directly linked to the foreign exchange crisis gripping the economy, resulting in heightened production costs and inflationary pressures on manufacturers.
In a September 2023 circular (NERC/2023/020) jointly signed by Sanusi Garba, the commission’s chairman, and Dafe Akpeneye, its commissioner for legal, licensing, and compliance, NERC previously revised the prices of prepaid meters.
As per the circular, a single-phase meter’s price increased from N58,661.69 to N81,975.16, while a three-phase meter now costs N143,836.10, up from N109,684.36.
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NERC, as the sector regulator, plays a crucial role in approving the costs of prepaid meters, many of which are imported into the country as semi-knocked down units and then assembled locally for use.
Over the years, prepaid meters have undergone advancements, with DisCos incorporating features to counter energy theft and providing more detailed consumption data.
