Tuesday, March 17, 2015

FG Slashes Electricity Tariff by 50%

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The Nigerian Electricity Regulatory Commission, NERC, has announced the immediate review of electricity tariffs by about 50 per cent.

Making the announcement in Abuja, the Chairman of the Commission, Sam Amadi, stated that the reduction, which takes effect from the end of March, followed the regulatory agency’s decision to remove collection losses from customer tariff under the multi-year tariff order.

He further noted that following the approval of the multi-year tariff order, MYTO 2.1 in January 1, 2015, the Commission had received several complaints and petitions against the decision, which resulted in astronomical increases in tariff across the different consumer categories.

“The Commission has been listening to consumers’ complaints and taking full account of the impact of the high tariff on consumers and the Nigerian economy, the Commission has reviewed the basis of the MYTO 2.1 assumptions and has determined that it is inappropriate to transfer to consumers collection losses that are controllable by the DISCOs (distribution companies),”Mr Amadi said.

Source: The Tribune

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