Ikeja Electric Plc on Friday said it would begin implementation of its revised electricity tariff from July 1.
The electricity distribution company made the announcement in a statement signed by its Head of Corporate Communications, Mr Felix Ofulue.
Ofulue said the Ikeja Electric Plc’s new tariffs, which are service reflective, are end-user rates to be paid for electricity based on the level of service (including availability and reliability) provided to a cluster of customers.
He said: “This is in line with our Performance Improvement Plan (PIP) across the entire network in the coming months and years.
“The different service levels to all categories of electricity consumers will also be accompanied by a change in tariff which has taken into cognisance changes in macroeconomic indices in the country.
”This will enable all the market players (Generation, Transmission, Distribution, and gas suppliers) in the Nigeria Electricity Supply Industry cover cost of their operations and ensure improved service delivery.”
According to him, the plan is for the sector to gradually make a transition to a full cost-recovery market where the cost of services provided will be fully recovered.
Ofulue said services were also expected to improve within a very short time in customer service delivery, infrastructural upgrade, metering and technological solutions.
He, however, said that this would be based on the level of investments that will be attracted, going forward.