The Nigeria Electricity Regulatory Commission (NERC), in a statement yesterday, said it has formally transferred regulatory oversight of the state’s electricity market to the Lagos State Electricity Regulatory Commission (LASERC). This comes barely two weeks after the Lagos State Governor, Babajide Sanwo-Olu signed the Lagos Electricity Bill 2024 into law.

Based on the statement by NERC, Lagos Electricity Bill is therefore granted the state autonomy to generate, transmit, and distribute electricity, marking a significant step under the provisions of the amended Electricity Act 2023.

According to the NERC, based on the provision of the Electricity Act, the Government of Lagos State has complied with the conditions precedent in the laws, duly notified NERC and requested for the transfer of regulatory oversight of the intrastate electricity market in thee state to her.

The move aligns with the electricity reforms which allow states to establish and regulate their own intrastate electricity markets. Lagos State, having fulfilled the legal requirements, formally requested the transfer of regulatory authority from NERC to LASERC.

In response, NERC issued an order mandating the incorporation of new subsidiaries by Eko Electricity Distribution Company (EKEDC) and Ikeja Electric (IE) to manage intrastate electricity supply and distribution exclusively within Lagos State.