The Nigerian Electricity Regulatory Commission (NERC) has transferred the electricity market in Oyo State to the Oyo State Electricity Regulatory Commission (OSERC).
NERC issued the order to transfer regulatory oversight of the electricity market in Oyo from the commission to OSERC in a statement on its website.
According to the statement, the transfer is in compliance with the amended Constitution of the Federal Republic of Nigeria (CFRN) and the Electricity Act 2023 (Amended).
READ ALSO: https://wavenewsng.com/metro/police-arrest-man-for-killing-girlfriend-in-ikorodu/amp/
“Recall that with the EA 2023, the commission retains the role as a central regulator with regulatory oversight on the inter-state/international generation, transmission, supply, trading and system operations,” the statement read.
“The EA also mandates any state that intends to establish and regulate intrastate electricity markets to deliver a formal notification of its processes.
“Such states should also request NERC to transfer regulatory authority over electricity operations to the state regulator.
“Based on this, the Oyo State Government complied with the conditions precedent in the laws, duly notified NERC and requested for the transfer of regulatory oversight of the intrastate electricity market.
According to the statement, the transfer order by NERC has the following provisions: Direct Ibadan Electricity Distribution Company (IBEDC) to incorporate a subsidiary (IBEDC SubCo) to assume responsibilities for intrastate supply and distribution of electricity in Oyo State from IBEDC.
IBEDC shall complete the incorporation of IBEDC SubCo within 60 days from August 6, 2024.
The subcompany shall apply for and obtain licence for the intrastate supply and distribution of electricity from OSERC, among other directives.
“All transfers envisaged by this order shall be completed by 5th February 2025,” the statement read.
It also directed the residents of Oyo to kindly access the details in the order on the NERC website via nerc.gov.ng/media/order-on…
