Power Assets Financiers Get Refund, Dec

Nigerian Electricity
Regulatory Commission (NERC) says from December this year, customers who finance the acquisition of power assets may start getting refund of their monies from the respective electricity distribution companies (Discos).
The Commissioner, Market Competition and Rates of the Commission, Mr. Eyo Ekpo, who revealed this to newsmen in Abuja said such assets include electricity poles, transformers and other power equipment.
Ekpo stated that it was wrong for consumers to purchase electricity poles, transformers and other equipment on behalf of the Discos and never get a refund for the purchased assets.
The commissioner emphasized that, “nobody in any civilized country should pay for the assets that serve that person. So, we now have this frame work; we have consulted on it, gone through the necessary process, done the internal work and we have finally got all the comments.
Ekpo, who further disclosed that NERC was currently analyzing relevant information promised that at the end of November, it would come up with publication on the regulation.
He remarked that the commissioner has factored in all capital costs of power assets into the electricity tariff paid by consumers, and said, “it was unjust for the Discos to pocket the funds invested in equipment that they never purchased.
“It is common knowledge that people have been buying power assets but the problem with that is that even though you are helping yourself, you are giving an asset to a Discos on which it will now recover the cost of that asset and pocket it,” he said.
He regretted that because there was no framework previously, hence the Discos were just collecting the money without account for it and without any charity as to how those that paid should be refunded.
“NERC will formally clear the regulation and will effect it. We have discussed it as a commission and we have decided to make sure that money spent by customers to purchase power equipment is repaid by the Discos,” he maintained.