The Federal Government has transferred regulatory oversight of the electricity market to the Lagos State Electricity Regulatory Commission (LASERC).
The Nigerian Electricity Regulatory Commission (NERC), which made this disclosure this in a recent order, said the development is in line with the Electricity Act, 2023, as amended.
This means LASERC will now be responsible for regulatory duties in Lagos State, including setting electricity tariffs.
NERC has also directed Eko Electricity Distribution Plc (EKEDP), and Ikeja Electric Plc (IE) to establish subsidiaries within 60 days from December 5, 2024, to assume responsibilities for the intrastate supply and distribution of electricity in Lagos State.
“In compliance with the amended Constitution of the Federal Republic of Nigeria, CFRN, and the Electricity Act 2023 (Amended), the Nigerian Electricity Regulatory Commission (“NERC” or the “Commission”) has issued an order to transfer regulatory oversight of the electricity market in Lagos State from the Commission to the Lagos State Electricity Regulatory Commission, LASERC,.
“Recall that with the EA 2023, the Commission retains the role of a central regulator with oversight on interstate/international generation, transmission, supply, trading, and system operations.
“The EA also mandates any state that intends to establish and regulate intrastate electricity markets to deliver a formal notification of its processes and request NERC to transfer regulatory authority over electricity operations in the state to the State Regulator.
“All transfers envisaged by this order shall be completed by June 4, 2025,” the order stated.
Recall that, in addition to Lagos, six other states — Enugu, Kogi, Ondo, Ekiti, Oyo, and Imo — have already received regulatory oversight for electricity operations.
Source: Daily Post
