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 Best Known Member of the Cabinet Wikipedia
Labels:

Comments

Post a Comment

Popular posts from this blog

COVID-19: Kano overtakes FCT with total confirmed cases, records 80 in 24 hours

By David Royal Kano state on Thursday overtook the Federal Capital Territory, Abuja, with total confirmed cases of COVID-19 after recording 80 cases in 24 hours, bringing the total number of confirmed cases in the state to 219, while Abuja has a total of 178. The Nigeria Centre for Disease Control (NCDC), Thursday, announced that 204 new cases of coronavirus (COVID-19) have been reported in the last 24 hours, bringing the total number of confirmed cases in the country to 1932. NCDC also announced that seven more fatalities were recorded, bringing the total number of deaths to 58. The NCDC, in a tweet at about 11:50 p.m. on Thursday, said of the 204 new cases,   80 were recorded in Kano state, 45-Lagos, 12-Gombe, 9-Bauchi, 9-Sokoto, 7-Borno, 7-Edo, 6-Rivers, 6-Ogun, 4-FCT, 4-Akwa Ibom, 4-Bayelsa, 3-Kaduna, 2-Oyo, 2-Delta, 2-Nasarawa, 1-Ondo, 1-Kebbi. Thursday’s 204 new cases are the highest reported in a day since the outbreak of the pandemic in February. READ ALSO: COVID-19:...
Post a Comment
Read more

The anatomy of EndSars protests as an incomplete revolution (1)  

By Douglas Anele Supposing an alien from another planet or solar system visits the earth with capacity to rank the various races of human beings according to their contributions to civilisation particularly in the last six hundred years or so, that alien would perhaps place the black race at the lowest grade. And because Nigeria contains the greatest concentration of black people in the world (one in every four black persons is a Nigerian according to one estimate), a race that worked with European and Arab enslavers to sell their own people like commodities and shamelessly adopted the bizarre religions of their oppressors, it is probably not out of place to assume that that may be the reason the country has been retrogressing for decades. The history of denigrating black people is long and heart-wrenching. Not only do the scriptures of Abrahamic religions contain passages that dehumanise black people, philosophers as enlightened as John Locke, David Hume, Immanuel Kant and G.W.F. ...
Post a Comment
Read more

Canal+ increases stake in media giant Multichoice

African media giant, MultiChoice Group disclosed on Thursday that French pay-television giant Groupe Canal+ has continued buying up its shares, so much so that its stake has doubled to 12% in the past month. MultiChoice disclosed on 5 October that Canal+, which is owned by French media conglomerate Vivendi, had acquired 6.5% of its equity. That has now risen to 12% of the company’s total ordinary shares in issue on the JSE. “As a publicly held company, MultiChoice regularly engages with its strategic partners and maintains an open dialogue with the investment community. The group’s policy is not to comment on its individual shareholders nor on its interactions with them,” MultiChoice said in Thursday’s statement. “The company remains committed to acting in the best interests of all shareholders and to create sustainable long-term shareholder value.” MultiChoice shares have risen to a record above R140 this week on Canal+’s buying spree as well as investor speculation that some sor...
Post a Comment
Read more