The Nigerian Electricity Regulatory Commission (NERC) has given its approval for an upward adjustment in the prices of prepaid electricity meters within the nation.

According to a circular dated September 5, 2023, and signed by the Chairman, Sanusi Garba, and the Commissioner of Legal, Licensing, and Compliance, Dafe Akpeneye, the commission has announced revised prices for prepaid meters.

Under the new pricing structure, a single-phase prepaid meter will now be priced at N81,975.16k, up from the previous N58,661.69k, while the cost of a three-phase prepaid meter has been raised to N143,836.10k from the previous N109,684.36k.

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The motivation behind the price adjustment is to create an equitable and sensible meter pricing system that would be fair to both Meter Asset Providers (MAPs) and end-user customers.

The circular highlights the following objectives:

1. 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.
2. Evaluate the affordability of meter services for consumers, aiming to prevent excessive pricing that could burden end-users.
3. Ensure that MAPs are able to provide meters to end-use customers in the prevailing economic realities.

These adjustments aim to strike a balance between the interests of meter providers and consumers while addressing economic considerations.