ELECTRICITY tariff will go up from July 1, the Federal Government announced yesterday. Under the new dispensation, a kilowatt of electricity will now cost N40, up from the previously charged N8.50.
NERC in 2008 introduced MYTO to ensure that prices of electricity are predictable and to mobilise the required funds to the industry by attracting needed private sector investments through a tariff system that ensures fair return on investment, while protecting customers against profiteering.
The Nigerian Electricity Regulatory Commission (NERC) yesterday told Chief Executive Officers (CEOs) of electricity distribution companies that the last schedule of the 2008/2013 regime of Multi Year Tariff Order (MYTO) will now reflect the new rate.
The Head of Media Relations Unit, Spokesperson of the NEPC Maryam Yahaya made the announcement in a statement yesterday.
According to her, NERC Chairman Dr. Sam Amadi said: “The marginal increase was approved in 2008 and we have the responsibility to inform the public as part of our commitment to transparency.”
The Commission in its notice to CEOs of electricity distribution companies on the take off date of the 2011 schedule, warned them to ensure improved service delivery to their customers.
“The Commission hereby reminds you of the responsibilities owed to your customers particularly as regards its guidelines on Customer Complaints Handling, Connection and Disconnection Procedures, Customer Service Standards of Performance and Meter Reading.
“We will be resolute and uncompromising in ensuring compliance and imposing sanctions on CEOs and managers of companies that fall short of the required standards,” the Commission said.
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