The Nigerian Electricity Regulatory Commission (NERC) has formally transferred regulatory oversight of Lagos State’s electricity market to the newly established Lagos State Electricity Regulatory Commission (LASERC). This development aligns with the amended Constitution of the Federal Republic of Nigeria (CFRN) and the Electricity Act 2023.
Under the Electricity Act, NERC retains authority over interstate and international electricity operations while allowing states to regulate intrastate electricity markets upon formal notification and compliance. Lagos State fulfilled these requirements, prompting the transfer of oversight authority to LASERC.
As part of this transition, Eko Electricity Distribution Plc (EKEDP) and Ikeja Electric Plc (IE) have been directed to establish subsidiaries (EKEDP SubCo and IE SubCo, respectively) to manage intrastate electricity distribution in Lagos. These subsidiaries must be incorporated and licensed by LASERC within 60 days from December 5, 2024, with all transfers to be completed by June 4, 2025.
Governor Babajide Sanwo-Olu, who signed the Lagos State Electricity Law 2024 on December 3, emphasized the importance of regulatory autonomy in enhancing power supply reliability and attracting private sector investment. LASERC is expected to create a tailored regulatory environment, promote sustainable energy practices, and support independent power projects in Lagos.
This move is part of a broader trend across Nigeria, where states like Enugu, Ekiti, and Oyo have also established regulatory bodies to decentralize energy management. The Lagos electricity market is anticipated to serve as a model for other regions, driving innovation and sustainable energy solutions nationwide.
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