In a jolt to the power sector, the Nigerian Electricity Regulatory Commission (NERC) has electrified the nation by announcing the deregulation of meter prices under the Meter Asset Provider Scheme.
This decision, effective from May 1, 2024, sparks a new era where meter prices will be determined through competitive bidding, giving consumers the power of choice among authorized vendors.
NERC’s move comes after mounting pressure from Meter Asset Providers and industry players, citing the pressing need to recalibrate prices amidst soaring foreign exchange rates and inflation.
“The commission has noted the need for the efficient pricing of meters to respond more quickly to changes in macroeconomic parameters, particularly exchange rates,” NERC stated.
This shockwave of deregulation aims to address challenges faced by MAPs and LMMAs, fostering a more agile and competitive environment.
It marks a pivotal shift towards responsive pricing mechanisms, aligning with dynamic economic realities.
As Nigerians brace for this electrifying change, the power landscape is set to witness a surge of competition and innovation, empowering consumers with a brighter, more transparent future in meter acquisition.
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