From David Onuoja, Abuja
The Nigerian Electricity Regulatory Commission (NERC), has transferred Electricity Market Regulatory Oversight to Oyo State Electricity Regulatory Commission (OSERC).
In a statement released by the NERC, said, in compliance with the amended Constitution of the Federal Republic of Nigeria (CFRN), and the Electricity Act 2023 as Amended, the NERC therefore, gave the regulatory function of the electricity market to OSERC.
According to NERC, “the regulatory oversight of the electricity market has been transferred to OSERC”, it said.
It could be recalled that with the Electricity Act (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 statement equally said that the EA also mandated any state that intends to establish and regulate intrastate electricity markets to deliver a formal notification of its processes and requests to NERC to transfer regulatory authority over electricity operations in the state to the State Regulator.
“Based on this, the Government of Oyo State has 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 Oyo State”.
The transfer Order by NERC has the following provisions: Direct Ibadan Electricity Distribution Company (IBEDC) to incorporate a subsidiary (IBEDC SubCo) to assume responsibilities for intrastate supply and distribution of electricity in Oyo State from IBEDC.
Similarly, IBEDC shall complete the incorporation of IBEDC SubCo within 60 days from 6th August 2024. The subcompany shall apply for and obtain licence for the intrastate supply and distribution of electricity from OSERC, among other directives.
In view of the above, all transfers envisaged by this order shall be completed by 5th February 2025.
Interested state, individuals can check for more from the below website: https://twitter.com/NERCNG/status/1820738716538679789, it added.
