NERC appeals electricity tariff reversal
The Nigerian Electricity Regulatory Commission (NERC) said it filed an appeal against the court ruling that ordered the reversal of the 45 per cent increase in electricity tariff in February this year, last Friday.
Daily Trust reports that the Association of Nigerian Electricity Distributors (ANED) was studying the judgement and would immediately write to the Court of Appeal on the ruling and also file a stay of execution on the prevailing tariff.
The Acting Chairman of NERC, Dr. Anthony Akah, who briefed newsmen at its headquarters in Abuja said, “The Commission respects this decision of the court but we are dissatisfied because it represents the reversal of the commercial foundation upon which contracts for gas, hydro, coal and solar feedstock for the production of electricity have been predicated.”
NERC said the judgment was a setback to the progress made in the electricity sector. “Therefore, we challenge this decision. We have instructed our lawyer to appeal. Consequently, the commission has filed for stay of execution and a notice of appeal of the judgement,” Dr. Akah said.
Akah added, “Therefore we ask investors, as well as customers in the electricity market not to panic as we seek a resolution within the ambit of the established laws.”
The commission said it remained committed to continuously provide the right regulatory framework that would promote private sector investment in the electricity supply industry and also protect the interests of electricity customers as enshrined in the Electric Power Sector Reform Act (EPSRA) 2005.