Joseph Bakare
Lagos State Government has outlined strategies to provide sustainable electricity supply and energy efficiency as the Lagos State Electricity Regulatory Commission (LASERC), takes regulatory control in the State.
The regulatory shift becomes effective during a landmark event held at the office of the Nigerian Electricity Regulatory Commission (NERC) in Abuja.
At the event, the Lagos State commissioner for energy and mineral resources, Biodun Ogunleye, applauded NERC for its visionary leadership in enabling this transition and reaffirmed Lagos State’s readiness to deliver improved electricity services.
The Commissioner highlighted the immense opportunities this transfer presents for the state to tailor policies to its unique needs, enhance service delivery, and attract private sector investments to drive innovation and economic growth.
This development signals a new era for electricity governance in Lagos State. With LASERC at the helm, the state government is poised to oversee operations more effectively, ensuring responsive and efficient electricity distribution to meet the demands of Lagosians
This historic decision aligns with the Electricity Act 2023 and the amended Constitution of the Federal Republic of Nigeria, which empower states to regulate intrastate electricity markets. With this transfer, Lagos becomes one of the few states in Nigeria to gain full regulatory control of its electricity market, marking a significant milestone in the decentralization of the country’s power sector.
Under this directive, Eko Electricity Distribution Plc (EKEDP) and Ikeja Electric Plc (IE) are required to establish subsidiaries EKEDP SubCo and IE SubCo, respectively to manage electricity supply and distribution exclusively within Lagos State.
These subsidiaries must be incorporated within 60 days from December 5, 2024, and must obtain licenses from LASERC.
The transition, including all necessary regulatory and operational adjustments, is expected to be completed by June 4, 2025.
