The Abuja Electricity Distribution Company (AEDC) has announced that effective July 1st 2023, electricity tariffs in the state will increase.
The Disco company revealed this in a statement on Sunday while attributing the decision to increase the various tariff plan as a result of the fluctuation of the naira in the exchange rate market.
The disco said that the electricity tariff current plan was pegged at the old N441 to $1 and will now be revised to approximately N750 to $1.
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Recall that the Central Bank of Nigeria (CBN) had ordered Deposit Money Banks (DMB) to freely float the naira against the dollar and other international currencies, in an attempt to unify the naira.
Also, the Nigerian Electricity Regulatory Commission (NERC) announced that from July 1, 2023, electricity tariff will increase by 40 per cent under Multi-Year Tariff Order (MYTO).
Confirming its increase, the AEDC said “Effective July 1st, 2023, please be informed that there will be an upward review to the electricity tariff influenced by the fluctuating exchange rate.
“Under the MYTO 2022 guidelines, the previously set exchange rate of N441 to $1 may now be revised to approximately N750 to $1 which will have an impact on the tariffs associated with your electricity consumption.
“For customers within bands B and C, with supply hours ranging from 12 to 16 per day, the new base tariff is expected to be N100 per kWh, bands A with 20 hours and above consumption and B with 16 to 20 hours will experience comparatively higher tariffs.”
AEDC also revealed that customers with prepaid meters are advised to purchase bulk energy units before June 30th, 2023 to save before the new tariff becomes effective.
“For customers on post-paid billing, a significant increment is imminent in your monthly billing, starting from August, while for prepaid users, we encourage you to consider purchasing bulk energy units before the end of this month as this will allow you to take advantage of the current rates” the disco added.