Skip to main content

ECOWAS electricity regulators commence plans for integration


Amidst complaints by Nigerians over the activities of the Nigerian Electricity Regulatory Commission (NERC), plans to integrate electricity regulatory activities in the Economic Community of West African States’ region (ECOWAS) have commenced.
Indeed, Nigerians have decried activities of the NERC, owing to the increase of electricity tariffs earlier in the year, which a court reversed less than two weeks ago, but ignored as electricity distribution companies declare their intention to appeal the judgment from the Lagos court.
It is not clear what advantage integration in the West African region will achieve for electricity consumers in the country, but consumers are optimistic the move will favour them.

Under the plan to integrate the sub-continent, there is a directive for the gradual establishment of the ECOWAS regional power market through the harmonisation of national electricity markets, according to a publication from the ECOWAS Regional Electricity Regulatory Authority (ERERA).The plan also provides for a regional market design and market phases, open access to the regional transmission network and access by eligible customers.
According to the ECOWAS body, the Chairman of the ERERA, Professor Honoré Bogler, visited, along with four others the headquarters of the Public Utilities Regulatory Commission PURC) in Accra, Ghana to exchange views on improving the electricity regulatory environment in West Africa.
ERERA’s delegation was received by the Executive Secretary of the PURC, Samuel Sarpong, who reiterated the PURC’s willingness and readiness to collaborate with ERERA, especially in view of the launch of the regional power market towards the end of the year.
Both Professor Bogler and Sarpong agreed to hold regular meetings between the two organizations in order to help harmonize electricity regulatory practices across ECOWAS member states.The visit was part of Professor Bogler’s meet-the-stakeholders tour meant to strengthen relations between the institution and its key partners.

Comments

Popular posts from this blog

Alert: Naira Gains A Massive 5% Against the Dollar

The exchange rate rebounded on Friday to close at N308 at the official interbank market. The local currency gained about 5.2% reversing the N325 it closed with on Thursday. According to reports, the gains was mostly due to a sale of forex by the Central Bank of Nigeria providing enough liquidity to meet the demand currently in the market. The naira has closed at an all time low of N364 to the dollar on Thursday following a surge in demand. The central bank has been selling dollars almost daily to boost liquidity and support the naira. Join our BBM channel for instant updates : C0030863D

How OPEC Agreed A 1.2Mbpd Production Cut

After months of wheeling and dealing, the member nations of the Organization of Petroleum Exporting Countries (OPEC) have finally agreed an average drop in production level of 1.2 million barrels per day, effective January. The agreement exempted Nigeria and Libya, but gave Iraq its first quotas since the 1990s, Bloomberg reports. Iran seems to be the greatest winner, as OPEC agreed for the country to raise output to about 3.8 million barrels a day as the country sought special treatment as it recovers from sanctions. However, Iraq OPEC’s second-largest producer, agreed to cut by 210,000 barrels a day from October levels despite its previous push for special consideration based on the urgency of its offensive against Islamic State. Saudi Arabia, which raised oil production to a record this year, will reduce output by 486,000 barrels a day to 10.058 million a day. The United Arab Emirates and Kuwait will reduce output by 139,000 barrels a day and 131,000 a day while ...

BOOM: Nigeria’s External Reserves Drops To Lowest In 11 Years

Nigeria’s foreign exchange reserve fell to $25,780,765,483 (25.78 billion) as of August 16, the lowest we have seen since 2005. The drop was down 2.11% from a month ago. The Nations external reserves dropped below $26 billion for the first time on the 5th of August 2016 after it closed at about $25,971,610,949. In fact, the external reserves has dropped by about $480 million dollars in August alone compared to just $100 million in the whole of July. Ironically, the current balance of $25.9 billion is worth about 80% more than what it was in Naira following the depreciation of the naira after it was floated. The CBN has in the past few days ramped up sales of dollars at the interbank in the hope that it will create liquidity in a market that is yawning gape to swallow forex after nearly almost two years of intense rationing by the CBN. The Naira weakened to its lowest ever at the interbank after it closed at about N362.5/$1 in midday trading. The Naira will eventua...