Nigerians can brace themselves for yet another price hike, as the nation’s Electricity Distribution Companies (DisCos) have decided to push up meter prices. Effective Tuesday, November 5, 2024, these price changes are set to take effect, with each DisCo rolling out its own “exciting” new price structure, much to the joy of consumers, no doubt. It seems the DisCos are determined to bring some “extra spark” into our lives, if not through better service, then certainly through higher costs.
A single-phase meter, which previously went for around ₦117,000, now comes with a price tag of up to ₦149,800, depending on your DisCo and meter vendor. For example, Eko DisCo’s prices range between ₦135,987.5 and ₦161,035 for a single-phase meter, while a three-phase meter will cost anywhere from ₦226,600 to a jaw-dropping ₦266,600.
Ibadan DisCo isn’t far behind with its new rates, setting single-phase meters between ₦130,998 and ₦142,548 and three-phase meters from ₦226,556.25 to ₦232,008. Meanwhile, Abuja DisCo has set a similar range, offering single-phase meters from ₦123,130.53 to ₦147,812.5, with three-phase meters priced from ₦206,345.65 to ₦236,500. Kano DisCo and Kaduna DisCo are also playing the game, pricing single-phase meters between ₦127,925 and ₦129,999, and up to ₦142,548.94 for other regions.
Now, why this dramatic hike in prices? Earlier, the Nigerian Electricity Regulatory Commission (NERC) decided to deregulate meter pricing under the Meter Asset Provider (MAP) scheme, leaving DisCos and vendors free to set prices based on “economic realities.” In simple terms, DisCos can now charge what they see fit, passing the rising costs onto consumers under the guise of “market adjustments.”
NERC claims this policy is aimed at solving the notorious meter shortage, allowing DisCos and investors to recoup their funds and guarantee meter availability. Consumers are once again paying for a basic utility item they barely get to enjoy at an affordable rate.