Power play: Lagos to regulate its own electricity market Nexovant
- NERC has issued an order transferring regulatory oversight of the Lagos electricity market to the Lagos State Government.
- Both Ikeja and Eko Electricity distribution companies have been directed to incorporate subsidiaries
- The incorporation must be completed in 60 days, and both sub-companies will take over intrastate supply and distribution within Lagos state
The Nigerian Electricity Regulatory Commission (NERC) has transferred regulation and oversight of the Lagos electricity market to the Lagos state government.
This information was detailed in two separate orders released from the commission.
The state government will carry out this function through its Electricity Regulatory Commission (LASERC).
NERC has handed over the regulation of the Lagos state electricity market to LASERC Photo credit: LASG/NERC
Source: Facebook
According to TheCable, NERC released a statement on Thursday, December 20, saying the transfer was made after Lagos state made the request and fulfilled the legal requirements detailed in the Electricity Act 2023 (amended), permitting states to regulate their electricity market.
The issued transfer order read in part,”
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“The Government of Lagos State has initiated the implementation of the provisions of the recent amendment to the CFRN and the EA; and complied with the conditions precedent in the aforementioned laws, is desirous of assuming regulatory oversight of the intrastate electricity market in Lagos State; has duly notified the Commission and requested for the transfer of regulatory oversight of the intrastate electricity market in Lagos State in compliance with the provisions of the EA.”
All details of the transfer are expected to be completed by June 4, 2025.
More requirements to be met
As part of the requirements to complete the transfer, Eko Electricity Distribution Company Plc (EKEDC) has to incorporate a subsidiary – EKEDC SubCo, and Ikeja Electricity Distribution Company Plc (IEDC) to incorporate a subsidiary (IEDC SubCo) to take over responsibilities for intrastate supply and distribution of electricity within the state.
The incorporation of the subsidiaries must be completed by March 4, 2025, and the subsidiaries shall obtain the electricity supply and distribution license from LASERC and take over the responsibility from their parent company.
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The transfer order added:
“The sub-company shall apply for and obtain licence for the intrastate supply and distribution of electricity from LASERC, among other directives.”
This is only the latest of several transfers ordered by the NERC recently. Other states that have benefited from similar transfers recently are Ekiti, Enugu, Ondo, Edo, Imo, and Oyo.
NERC stated that the ongoing transfers of regulatory oversight to state governments would ease the electricity supply chain and mitigate some of the challenges in the power sector.
NERC approves Kogi to generate, distribute electricity
In related news, Legit.ng reported that NERC gave approval to Kogi state to generate and distribute its own electricity.
Subsequently, the Kogi state government pledged to boost its power supply and make it the preferred home of business investments in the region.
The transfer effectively made the Kogi State Electricity Regulatory Commission (KSERC) responsible for overseeing electricity generation and distribution within the state.
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Source: Legit.ng
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