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NIGERIANS ARE HAPPY WITH TINUBU| JUST A YEAR PLUS IN OFFICE, TINUBU HAS DONE WHAT NO OTHER PRESIDENT HAS NEVER DONE BEFORE IN OFFICE. SEE FULL LIST OF HIS ACHIEVEMENTS HERE.THE Nigerian Electricity Regulatory Commission (NERC) has issued an order to transfer regulatory oversight of the electricity market in Ogun State from the Commission to the Ogun State Electricity Regulatory Commission (OGERC). ...Tap To Read The Full Story Here | ..Tap To Read The Full Story Here...
This was disclosed in a statement released by NERC on X on Monday, December 30,2024.
This transfer follows a comprehensive process that aligns with the requirements outlined in the Electricity Act (EA) 2023 as amended, which allows states to assume regulatory control over their intrastate electricity markets, provided they notify the NERC and meet the necessary conditions.
The Act also mandates any state that intends to establish and regulate intrastate electricity markets to deliver a formal notification of its processes and requests NERC to transfer regulatory authority over electricity operations in the state to the state Regulator.
The Commission, however, in accordance with the provisions of the EA 2023, retains the role as a central regulator with regulatory oversight on the inter-state/international generation, transmission, supply, trading and system operations.NIGERIANS ARE HAPPY WITH TINUBU| JUST A YEAR PLUS IN OFFICE, TINUBU HAS DONE WHAT NO OTHER PRESIDENT HAS NEVER DONE BEFORE IN OFFICE. SEE FULL LIST OF HIS ACHIEVEMENTS HERE.
The EA also mandates any state that intends to establish and regulate intrastate electricity markets to deliver a formal notification of its processes and requests NERC to transfer regulatory authority over electricity operations in the State to the State Regulator.
Based on this, the government of Ogun State complied with the conditions precedent in the laws, duly notified NERC and requested for the transfer of regulatory oversight of the intrastate electricity market in Ogun State.
Following the request, NERC directed the Eko Electricity Distribution Company (EKEDP), Ikeja Electric PLC (IE) and Ibadan Electricity Distribution Company (IBEDC) to incorporate subsidiaries: EKEDP SubCo, IE SubCo and IBEDC SubCo respectively to assume responsibilities for intrastate supply and distribution of electricity in Ogun State from EKEDP, IE and IBEDC.
The Commission said the EKEDP, IE and IBEDC shall complete the incorporation of EKEDP SubCo, IE SubCo and IBEDC SubCo within 60 days from 24th December 2024.
It said the sub-companies shall apply for and obtain licences for the intrastate supply and distribution of electricity from OGERC, among other directives.
NERC said all transfers envisaged by this order shall be completed by 23rd June 2025.
The ICIR reported that the state governments could attract more investments into Nigeria’s power sector and improve access to electricity in their respective states with the 2023 Electricity Act that President Bola Ahmed Tinubu signed into law on Thursday, June 8.
The Electricity Act consolidates all legislation dealing with the electricity supply industry to provide an ideal institutional framework to guide the post-privatisation phase and encourage private sector investments in the sector.NIGERIANS ARE HAPPY WITH TINUBU| JUST A YEAR PLUS IN OFFICE, TINUBU HAS DONE WHAT NO OTHER PRESIDENT HAS NEVER DONE BEFORE IN OFFICE. SEE FULL LIST OF HIS ACHIEVEMENTS HERE.
States like Enugu, Ekiti, and Oyo have also set up their regulatory bodies, marking a significant shift towards decentralised grid-power management which has been experiencing collapse...Tap To Read The Full Story Here.
