Experts eye improved supply as states’ electricity market grows

In a significant development poised to reshape Nigeria’s energy landscape, the Nigerian Electricity Regulatory Commission (NERC) recently granted Enugu, Ondo, and Ekiti states the authority to manage their electricity markets.

This pivotal decision has sparked optimism among experts, who foresee a boost in power supply and accessibility across the nation.

At the forefront of this transformative shift is the 93rd Power Dialogue, hosted by The Electricity Hub, a subsidiary of Nextier, on April 24. Under the theme “State Electricity Market: The Future of Nigeria’s Power Sector,” the dialogue brought together industry experts and policymakers to discuss the implications of decentralizing electricity markets.

Read also: NERC transfers Enugu electricity regulation to state government

Louisa Chinedu Okeke, adviser on policy and programme management for the Enugu state government, highlighted the proactive stance of Enugu in energy policy, emphasizing the potential of NERC’s directive to enhance energy security and access. Enugu aims to leverage this opportunity to attract investment, foster economic growth, and reduce energy poverty through robust power infrastructure.

Omale Omale, Commissioner for Power, Renewable Energy, and Transport in Benue state, underscored the strategic pivot towards treating power as a commodity rather than a mere utility. By aligning state policies with federal mandates, Benue aims to revitalize its economy and improve livelihoods through increased power availability.

Adedotun Eyinade, program director of the Nigeria Off-Grid Market Acceleration Program (NOMAP), shed light on efforts to bridge energy access disparities, particularly for off-grid communities. NOMAP seeks to empower private market actors and advocate for renewable energy integration to narrow electricity gaps nationwide.

Moderating the dialogue, Emeka Okpukpara, Partner at Nextier, emphasized the importance of revenue assurance mechanisms and technological advancements in ensuring the viability of state electricity markets. He stressed the need for transparent data management and widespread metering to facilitate efficient transactions between buyers and sellers.

As Nigeria embarks on this transformative journey towards decentralized electricity markets, experts anticipate a brighter, more electrified future for all Nigerians. The collective efforts of policymakers, regulators, and industry stakeholders promise to usher in an era of improved power supply and enhanced energy access across the nation.