Lagos Takes Control of Electricity Regulation from NERC
The Nigerian Electricity Regulatory Commission (NERC) has handed over control of Lagos State’s electricity market to the Lagos State Electricity Regulatory Commission (LASERC).
This decision follows the amended Constitution of Nigeria and the Electricity Act 2023. It comes just two weeks after Governor Babajide Sanwo-Olu signed the Lagos Electricity Bill 2024 into law.
According to NERC, Lagos State met all the legal conditions under the Electricity Act and formally requested to take charge of regulating its electricity market. With this move, LASERC becomes the main body overseeing electricity supply and distribution within the state.
The full transfer is expected to be finalized by June 4, 2025.
To make the transition smoother, NERC has asked the two major electricity distribution companies in Lagos, Eko Electricity Distribution Plc (EKEDP) and Ikeja Electric Plc (IE), to set up subsidiaries that will focus on intrastate electricity operations.
Ikeja Electric, for example, must create a new company, called IE SubCo, to manage electricity distribution within Lagos State. This subsidiary must be established within 60 days of December 5, 2024, and it will need to obtain a license from LASERC to operate.
These changes aim to give the State more control over its electricity market and improve power distribution for its residents.
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