Electricity Distribution Companies (DisCos) in Nigeria have announced a major increase in the prices of electricity meters, marking the second price hike within four months.
The cost of a single-phase meter has surged from approximately ₦117,000 to as much as ₦149,800, representing an increase of 28.03% or ₦32,800, depending on the distribution company and meter vendor. This new pricing structure took effect on Tuesday, November 5, 2024.
The price adjustments reflect the deregulation of Meter Asset Providers (MAP) as directed by the Nigerian Electricity Regulatory Commission (NERC). This policy shift, introduced in April 2024, aims to address ongoing issues related to meter supply and pricing transparency within the electricity sector.
Under the MAP scheme, meter prices are now determined through competitive bidding rather than being centrally regulated, fostering greater competition among providers and potentially improving cost efficiency and service delivery for end users.
The revised prices vary across different DisCos. For instance, Eko DisCo has set the price of its single-phase meter between ₦135,987.5 and ₦161,035, while a three-phase meter ranges from ₦226,600 to ₦266,600.
Similarly, Ibadan DisCo's customers will pay between ₦130,998 and ₦142,548 for a single-phase meter and ₦226,556.25 to ₦232,008 for a three-phase meter.
Abuja DisCo's pricing is set at ₦123,130.53 to ₦147,812.5 for single-phase meters and ₦206,345.65 to ₦236,500 for three-phase meters. Other DisCos, such as Kano and Kaduna, have also adjusted their prices accordingly.
This upward revision follows an earlier increase in August 2024, further amplifying concerns among electricity consumers about affordability and accessibility.
The deregulation move by NERC is expected to create a more dynamic metering ecosystem, allowing customers and DisCos to benefit from competitive pricing, improved service quality, and greater accountability among meter providers. However, this change has sparked protests from power consumers who describe the price hikes as "wicked," given the current economic hardships faced nationwide.
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