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EKEDC, Ikeja Electric secure approval to spend N215.68bn in next five years

Paul Omorogbe
tarriff Electricity, Eko, Delta set to unbundle
FILE PHOTO

Two major electricity distribution companies in the country, the Eko Electricity Distribution Company (EKEDC) and Ikeja Electric have secured the approval of the Nigerian Electricity Regulatory Commission (NERC) to spend N215.68 billion in the next five years. 

NERC, in a document, maintained that it approved a five-year investment plan for upgrades by the two major firms based on the outcome of tariff review consultations carried out in quarter one (Q1) 2020, specifically February. 

The electricity regulatory commission added that it had given approval to Ikeja Electric Plc to invest the sum of N121.92 billion for infrastructure upgrade across its network within a period of five years, while it also approved N93.76 billion for EKEDC to upgrade infrastructure across its network within the same period. 

According to the Performance Improvement Plan (PIP) and Extraordinary Tariff Review Application for both DisCos, the purpose was to boost power supply and distribution by the electricity distribution companies to their customers. 

NERC added the DisCos PIP and Extraordinary Tariff Review Applications were exposed to public hearings and consultations presided over by three commissioners. 

The hearings, it said, were conducted in February 2020, adding that there were in line with the business rules of the commission and the regulations on the procedure for electricity tariff reviews in the Nigerian electricity supply industry. 

NERC said the approved CAPEX for Ikeja Electric was N24.38 billion annually from 2021 to 2026, making a total of N121.92 billion, while EKEDC’s approved CAPEX was N18.75 billion annually from 2021 to 2026, which translates to a total sum of N93.76 billion.

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