‘Three-phase meter now N89k’ — Ikeja Electric announces price increase

Ikeja Electricity Distribution Company (IE) has announced that the price of meters sold to customers under the meter asset provider (MAP) scheme has been reviewed upward effective June 1.

In a notice published on Twitter, the electricity distribution company said the review is in compliance with a directive by the Nigerian Electricity Regulatory Commission (NERC).

It said the review was to reflect the recent changes in foreign exchange rate by the Central Bank of Nigeria (CBN).

The DisCo said customers will now pay N89,063.33 (value-added tax inclusive) for a three-phase meter compared to the former cost of N72,085.68 which translates to a 19.6 percent increase.

It said single-phase meter had risen to N48,263.37 (VAT inclusive), a 17.6 per cent increment from the former price of N39, 765.86.

The News Agency of Nigeria (NAN) reports that NERC had on June 4 approved the increment, according to a public notice on its website.

“In arriving at the approved unit costs, the commission has considered the recent changes in foreign exchange approved by the Central Bank of Nigeria and the applicable rates available to importers of meter components and/or fully assembled meters through the investors and exporters forex window,” NERC said in the notice.

“The effective date of the new rates is June 1, 2020.”

The CBN recently adjusted the exchange rate to N400/$ from N360/$ to ensure convergence.