Skip to main content

Suspension of electricity tarrif increase in public interest – NERC

Suspension of electricity tarrif increase in public interest – NERC

Suspension of electricity tarrif increase in public interest – NERC

The Nigerian Electricity Regulatory Commission (NERC) on Wednesday said that its order to suspend the recent tariff increase was done in the public interest.

Mr Dafe Akpeneye, Commissioner, Legal Licensing and Compliance, NERC, disclosed this at the virtual 2020 Businessday Energy Series – Fuel of the Future (Gas) Summit.

The summit had the theme: “Nigeria at 60: Harnessing Nigeria’s Energy Potential for the Future”.

The News Agency of Nigeria (NAN) reports that NERC issued an order to electricity Distribution Companies (DisCos) to suspend the implementation of the Service Reflective Tariff (SRT), effective Sept. 28 to Oct. 11.

Akpeneye said the suspension would enable further consultations and finalisation of negotiations between the Federal Government and labour unions who kicked against the tariff hike.

He said: “The gesture was done in good faith by the government and NERC as a regulator is bound by Section 33 of the Electric Power Sector Reform Act 2005, to comply with general policy directions concerning electricity from the minister.

” It says the commission shall take into consideration in discharging its functions under section 32(2), provided that such directions are not in conflict with this Act or the Constitution of the Federal Republic of Nigeria.

READ ALSO: Major reason FG suspended electricity tariff hike

“Looking at the overriding public interest on this issue, we saw that this is a valid policy directive and we issued the order to suspend the tariffs review from Sept. 28 to Oct. 11, to enable parties to continue with their negotiations.”

According to him, the Multi-Year Tariff Order (MYTO) 2020, was approved by NERC for the DisCos with effect from Sept. 1 after series of dialogue with all stakeholders in the industry.

He noted that the last MYTO was done in 2015 but became effective in 2016.

Akpeneye added that the new review was done to ensure that rates charged by DisCos were fair to customers.

He said it was also to ensure that DisCos operate efficiently to recover the full cost of their activities, including a reasonable return on the capital invested in the business.

The commissioner explained that the rationale behind the SRT was to ensure that the issue of blank increment in tariffs for all customers was removed.

“The SRT is an innovation to remove unfairness in billing customers. The customers have been placed in Bands A, B, C, D and E depending on their hours of electricity supply.

“Only customers enjoying daily supply of 12 hours of electricity and above (Bands A, B and C) are affected by the increment and the DisCos must guarantee these hours of supply to the locations, ” he said.

NAN

Vanguard News Nigeria

The post Suspension of electricity tarrif increase in public interest – NERC appeared first on Vanguard News.


by David O Royal via Vanguard News https://ift.tt/36pQY9l Wikipedia Our Friends From Virginia
Labels:

Comments

Post a Comment

Popular posts from this blog

Happy Workers’ Day!!!from all of us at Coronation Merchant Bank

Today, we celebrate all our health care workers that are on call, working long hours and tirelessly trying to flatten the curve of the COVID-19 pandemic. Without them, the country would be overwhelmed by the Coronavirus pandemic but they are risking everything to make sure we conquer the virus. Aside from being a day to celebrate workers, “Mayday” is also a distress call. Hence, we are calling on all Nigerians to mask up and stay home as much as they can so that the efforts of our health care workers will not be in vain. Happy Workers’ Day from all of us at Coronation Merchant Bank The post Happy Workers’ Day!!!from all of us at Coronation Merchant Bank appeared first on Vanguard News . by sunday via Vanguard News https://ift.tt/2VQxs07 Wikipedia Our Friends From Virginia
Post a Comment
Read more

Buhari reappoints Runsewe, others

 By Osa Amadi President Muhammadu Buhari has reappointed Otunba Segun Runsewe as Director-General, National Council for Arts and Culture for another term of four years to continue the deepening of Nigeria’s cultural economy. The appointment was announced on April 30, 2021, by Garba Shehu, President Buhari’s Senior Special Assistant on Media and publicity. Others who were also reappointed were Mr Folorunso Coker, Director-General, Nigeria Tourism Development Corporation, and Alhaji Adedayo Thomas, Executive Director National Film and Video Censors Board (NFVCB). The President also approved the appointment of Alhaji Ahmed Mohammed Ahmed as the Chief Executive Officer /Artistic Director of the National Troupe of Nigeria. Alhaji Ahmed was until his appointment, Director of Culture in the Ministry of Culture and Tourism, Bauchi State. Vanguard News Nigeria The post Buhari reappoints Runsewe, others appeared first on Vanguard News . by Lawal Sherifat via Vanguard News https:/...
Post a Comment
Read more

CBN depreciates naira to N410.25 in I&E window

CBN By Elizabeth Adegbesan The Central Bank of Nigeria depreciated the naira yesterday by N16.25 kobo depreciated in the Investors and Exporters (I&E) window. This represents the third and  biggest daily depreciation of the naira since 2017. Recall, the indicative exchange rate for the window jumped to N374 per dollar at the close of business from N368.33 per dollar on 11th of March 2020, translating to N5.67 depreciation for the naira. READ ALSO: ASUU strike cripples economies of university communities in 2020 Similarly,  last month,  CBN depreciated the naira  by N7.75 in the window, as the FMDQ platform, showed that the I&E window rose to N393/$ at the close of business from N385.5/$  November 24 2020. Data from FMDQ showed that the indicative exchange rate for the window rose to N410.25 per dollar from N394 per dollar on Wednesday, indicating N16.25 kobo depreciation of the naira. However, the volume of dollars (turnover) traded in the win...
Post a Comment
Read more