The Ikeja Electric company has announced that the federal government approved new prices for prepaid meterThis is the first review in the new year(2025) and for single-phase and three-phase prepaid metersThe new prices mean Nigerians applying for prepaid meters in January will pay more compared to November
Ikeja Electric has announced approved prices for single-phase and three-phase prepaid meters, with some providers reducing their asking prices.
All electricity distribution companies (DisCos) are expected to change their prices.
FG approves new prepaid meter price
Photo credit: Oliver Helbig
Source: Getty Images
According to a notice shared with its customers on Monday, January 20, 2024, Ikeja Electric stated that all prices are valid subject to meter availability.
IKEDC said:
“Dear Valued Customer, Please see the approved new meter prices.”
According to the company, the highest single-phase prepaid meter will now cost an average of N145,608.
In November, the highest price for single-phase meters is N161,250.
Nigerians looking to purchase three-phase prepaid meters will now pay up to at least N268,750, depending on the brand.
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The previous highest price for a three-phase meter was N322,500
Here is the new meter prices
Meter typeSingle phase3-phaseMBH Power LtdN135,987.50N226,825.00Turbo Energy LtdN145,608.75N236,903.13Aries Electric LtdN145,138.50N268,750.00Mojec Asset Management Company Ltd N135,987.50N226,825.00Paktim Metering Nig. LTDN139,750.00N236,500.00Holley Metering LTD N138,973.22N226,110.82
Here are the old prices
How does meter pricing work
The Nigerian Electricity Regulatory Commission (NERC) deregulated meter prices under the Meter Asset Provider (MAP) Scheme for end-user customers in May 2024.
The new order introduces a competitive bidding process, enabling customers to select from various authorized vendors, marking a departure from the previously regulated pricing structure.
Additionally, the deregulation brings flexibility to the types of meters available under the MAP scheme.
DisCos can now provide various options, including basic electronic meters, IoT-enabled meters, DIN rail meters, and current limiters, tailored to the customer’s energy consumption profile.
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While meter prices are deregulated, the NERC will oversee the submission of price offers from MAPs to promote fair competition. As part of the guidelines, MAPs are required to maintain a minimum stock of 2,000 meters to qualify for the bidding process, according to BusinessDay.
Furthermore, the order grants end-use customers the exclusive right to select their preferred MAP and meter type, ensuring alignment with their specific energy requirements.
NERC said:
“In addition, stringent measures have been placed to ensure timely installation of meters, with penalties for MAPs that fail to meet installation deadlines.”
NERC gives states complete regulatory authority over electricity
Henzodaily.ng reported that the Nigerian Electricity Regulatory Commission has finalised the transfer of regulatory supervision to four states.
With the new development, states are now solely responsible for managing their own electrical markets, according to the electricity market regulator.
Apart from the 12th one, Aba Power Electric, there are currently 11 electrical distribution companies: Abuja, Benin, Enugu, Eko, Ibadan, Ikeja, Kaduna, Kano, Jos, Port Harcourt, and Yola.
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In Enugu, Benin, and Ibadan Discos, the pre-existing market arrangements have been modified following the completion of the transfer of oversight in four states.
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Source: Henzodaily.ng