The Nigerian Electricity Regulatory Commission (NERC) says it has transferred regulatory oversight of the electricity market in Lagos State to the newly established Lagos State Electricity Regulatory Commission (LASERC).

NERC announced this in a statement it released on X, formerly Twitter, on Thursday.

The development is in compliance with the amended provisions of the Nigerian Constitution and the Electricity Act of 2023.

NERC said the Commission retains the role as a central regulator with regulatory oversight on the inter-state/international generation, transmission, supply, trading and system operations.

The statement read, ?In compliance with the amended Constitution of the Federal Republic of Nigeria (CFRN) and the Electricity Act 2023 (Amended), the Nigerian Electricity Regulatory Commission (?NERC? or the ?Commission?) has issued an order to transfer regulatory oversight of the electricity market in Lagos State from the Commission to the Lagos State Electricity Regulatory Commission (LASERC).

?Recall that with the EA 2023, the Commission retains the role as a central regulator with regulatory oversight on the inter-state/international generation, transmission, supply, trading and system operations.

?The EA also mandates any state that intends to establish and regulate intrastate electricity markets to deliver a formal notification of its processes and requests NERC to transfer regulatory authority over electricity operations in the state to the State Regulator.

?Based on this, the Government of Lagos State complied with the conditions precedent in the laws, duly notified NERC and requested for the transfer of regulatory oversight of the intrastate electricity market in Lagos State.?

According to NERC, the transfer Order highlights provisions to be fulfilled for the purpose of the transfer.

?The transfer Order by NERC has the following provisions: Direct Eko Electricity Distribution Plc (EKEDP) to incorporate a subsidiary (EKEDP SubCo) to assume responsibilities for intrastate supply and distribution of electricity in Lagos State from EKEDP.

?EKEDP shall complete the incorporation of EKEDP SubCo within 60 days from 5th December 2024. The subcompany shall apply for and obtain licence for the intrastate supply and distribution of electricity from LASERC, among other directives.

?Direct Ikeja Electric Plc (IE) to incorporate a subsidiary (IE SubCo) to assume responsibilities for intrastate supply and distribution of electricity in Lagos State from IE.

?IE shall complete the incorporation of IE SubCo within 60 days from 5th December 2024. The subcompany shall apply for and obtain licence for the intrastate supply and distribution of electricity from LASERC, among other directives. All transfers envisaged by this order shall be completed by 4th June.?

A few weeks ago, Lagos State Governor Babajide Sanwo-Olu officially signed the Lagos Electricity Bill into law.

Governor Sanwo-Olu commended the state House of Assembly for ensuring the speedy passage of the bill, stressing that the bill will change the socio-economic value of citizens in Lagos State.

He stated that the electricity bill has been in the works for some years, and now that is finally achieved as Lagosians can be sure of a steady power supply. (Channels TV)

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