The Lagos State Electricity Regulatory Commission has formally issued an order establishing the regulatory framework required to guide electricity market operations within the state.
A Press Statement released Wednesday and signed by Deputy Director, Public Affairs unit of the State’s Electricity Regulatory Commission, Adetola idowu said the latest development marks a significant milestone which officially brings to an end the substantial regulatory role carried out by the Nigerian electricity regulatory commission NERC.
According to the statement, with the full transfer of electricity regulatory functions from NERC to the Lagos Electricity Regulatory Commission, all entities within the electricity market operating in the state are now required to seek a valid license from the state regulatory body for such operations to be considered valid with violators risking not less than 20million naira fine.
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The statement also noted that the order is significant in driving a safe, efficient, and reliable electricity market in Lagos State.
However, In the midst of the full transfer of regulatory functions from NERC to the Lagos State Electricity Regulatory Commission, such orders which include tarrif guidelines, grid codes, and metering regulations still remain under the national regulatory instruments.
(Editor: Anoyoyo Ogiagboviogie)
