Electricity deserves proper pricing - NERC
As the latest tariff increase by the Nigerian Electricity Regulatory Commission, NERC, continues to generate intense debate and protest, the Acting Chief Executive Officer of the commission, Dr Anthony Akah, says electricity must be properly priced.
Akah, who made his view on the tariff increase known while on a visit to the Director General, National Environmental Standards and Regulations Enforcement Agency, NESREA, said the functions of NERC include protection of consumers, while allowing electricity providers make reasonable profit from their businesses.
The visit, Akah said, is part of the commission’s engagement with strategic institutions and organizations in the country to carve out ways for effective monitoring and regulation of the power sector in Nigeria.
The DG said that the commission should never be seen as siding with either the consumers or the market participants, rather it works to create a level playing field for all market participants and other stakeholders.
According to him, "the commission promotes competition for market practices based on the realities in the sector and the dynamics of the economy. Power is a product and should be rightly priced. NERC ensures best practice in power,” adding that the new tariff is to provide fair return on investment in the value chain.
He told his host that the impact of the commission needed to be felt across the country, thus the need for collaboration with NESREA for the purpose of sustained energy efficiency.
The DG, NESREA, Dr. Lawrence Anukam welcomed the strategic visit and informed the delegation that the agency looks at the impact of generation and distribution and the disposal of waste that may arise from those facilities.