Ikeja Electric Releases New Price List for Prepaid Metres

• The Ikeja Electric company has announced that the federal government approved new prices for prepaid metres
• This is the first review in the new year(2025) and for single-phase and three-phase prepaid metres
• The new prices mean Nigerians applying for prepaid meters in January will pay more compared to November

Ikeja Electric has announced approved prices for single-phase and three-phase prepaid metres, with some providers reducing their asking prices.

All electricity distribution companies (DisCos) are expected to change their prices.

According to a notice shared with its customers on Monday, January 20, 2024, Ikeja Electric stated that all prices are valid subject to meter availability.

IKEDC said:

"Dear Valued Customer, Please see the approved new meter prices."

According to the company, the highest single-phase prepaid metre will now cost an average of N145,608.

In November, the highest price for single-phase metres is N161,250.

Nigerians looking to purchase three-phase prepaid meters will now pay up to at least N268,750.

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The previous highest price for a three-phase meter was N322,500

Here are the new metre prices

Here are the old prices:

How does metre pricing work?

The Nigerian Electricity Regulatory Commission (NERC) deregulated metre prices under the Meter Asset Provider (MAP) Scheme for end-user customers in May 2024.

The new order introduces a competitive bidding process, enabling customers to select from various authorised vendors, marking a departure from the previously regulated pricing structure.

Additionally, the deregulation brings flexibility to the meters available under the MAP scheme.

DisCos can now provide various options, including basic electronic meters, IoT-enabled meters, DIN rail meters, and current limiters tailored to the customer’s energy consumption profile.

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While metre prices are deregulated, the NERC will oversee the submission of price offers from MAPs to promote fair competition.

As part of the guidelines, MAPs are required to maintain a minimum stock of 2,000 meters to qualify for the bidding process, according to BusinessDay.

Furthermore, the order grants end-use customers the exclusive right to select their preferred MAP and meter type, ensuring alignment with their specific energy requirements.

NERC said:

“In addition, stringent measures have been placed to ensure timely installation of meters, with penalties for MAPs that fail to meet installation deadlines.”

NERC gives states complete regulatory authority over electricity

Legit.ng reported that the Nigerian Electricity Regulatory Commission had finalised the transfer of regulatory supervision to four states.

With the new development, states are now solely responsible for managing their electrical markets, according to the electricity market regulator.

Apart from the 12th one, Aba Power Electric, there are currently 11 electrical distribution companies: Abuja, Benin, Enugu, Eko, Ibadan, Ikeja, Kaduna, Kano, Jos, Port Harcourt, and Yola. In Enugu, Benin, and Ibadan Discos, the pre-existing market arrangements have been modified following the completion of the transfer of oversight in four states.

Source: Legit.ng