By Damilare Adeleye
Electricity Distribution Companies (DisCos) in Nigeria have officially announced an increase in the prices for electricity meters.
The increased prices, which is second hike in just four months, is to take effect from Tuesday, November 5, 2024.
The cost of a single-phase meter, a common type for household use, will now range from about N117,000 to as much as N149,800, depending on the DisCo and vendor.
The price for the three-phase meter, which is often used for larger homes or commercial buildings, has also seen a rise, although specific figures were not provided in this announcement.
The change in prices follows a recent move by the Nigerian Electricity Regulatory Commission (NERC) to allow more flexibility in meter pricing. This decision, announced in April 2024, was part of a new policy termed the Meter Asset Provider (MAP) scheme.
Under this scheme, meter providers are no longer restricted by fixed prices set by the government. Instead, they can set their prices through competitive bidding.
This decision comes amidst rising operational costs, which have made it more challenging for DisCos to maintain their services at the current price levels.
The hike in meter prices is expected to affect millions of Nigerians who rely on prepaid meters, with the new rates set to be implemented across various states.