Nigeria’s Electricity Distribution Companies (DisCos) have unveiled new pricing for various electricity meter models, marking their second rate hike within a span of four months. The updated prices, set to take effect on Tuesday, November 5, 2024, reflect the deregulation of Meter Asset Providers (MAP) as mandated by the Nigerian Electricity Regulatory Commission (NERC).
DisCos reported that the cost of a single-phase meter has surged from approximately ₦117,000 to ₦149,800, with variations depending on the distribution company and meter supplier. This adjustment follows a previous price increase in August 2024.
In Lagos, Eko DisCo has set the price of single-phase meters between ₦135,987.50 and ₦161,035, while three-phase meters are now available for ₦226,600 to ₦266,600. Meanwhile, Ibadan DisCo has adjusted its single-phase meter prices to range from ₦130,998 to ₦142,548, and three-phase meters are priced between ₦226,556.25 and ₦232,008.04.
Abuja DisCo customers will see single-phase meters priced from ₦123,130.53 to ₦147,812.50, and three-phase meters will range from ₦206,345.65 to ₦236,500. Similarly, Kano Electricity has increased its meter rates, with single-phase meters now costing between ₦127,925 and ₦129,999.75, and three-phase meters priced from ₦223,793 to ₦235,425.
Kaduna DisCo has also raised its meter prices, offering single-phase meters in the range of ₦131,150 to ₦142,548.94 and three-phase meters between ₦220,375 and ₦232,008.04. All new meter rates across the various DisCos include Value Added Tax (VAT).
The DisCos justified the price increases by citing the need to align with regulatory directives and ensure the sustainability of meter asset management. Customers are advised to purchase their meters at authorized outlets to avoid counterfeit products and ensure compliance with the latest pricing structures.
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