11 Interesting Facts About The 2023 Electricity Act Signed By President Bola Tinubu

Date: 10-06-2023 7:28 am (3 months ago) | Author: Mister Jay Wonder
- at 10-06-2023 07:28 AM (3 months ago)
(m)

For the uninitiated, President Bola Tinubu signed into law the 2023 Electricity Act on Friday, June 9, 2023.

The new law, passed by lawmakers in July 2022, replaces the 2005 Electricity and Power Sector Reform Act and seeks to liberalise the Nigerian power sector.

The main aim of the bill is to create a comprehensive legal and institutional framework to guide the Nigerian Electricity Supply Industry (NESI).

With the 2023 Electricity Act now in operation, the age-long issue of monopoly in electricity generation, transmission, and distribution at the national level will no longer be tenable.

11 benefits of the newly signed 2023 Electricity Act
Quote
1. The Nigerian Electricity Regulatory Commission (NERC) will act as the regulator of the Nigerian electricity sector.

2 The law allows states, companies, and individuals to generate, transmit and distribute electricity.

3 Anyone licensed to generate electricity under the new law bears the responsibility to meet renewable generation obligations as may be prescribed by NERC.

4 The commission can surrender regulatory responsibilities to state regulators when they are established.

5 NERC will not transition regulatory powers to a state until such a state has passed its electricity market laws.

6 It empowers anyone to construct, own, or operate an undertaking for generating electricity not exceeding one megawatt in aggregate at a site, or an undertaking for distribution of electricity with a capacity not exceeding 100 kilowatts in aggregate at a site, or such other capacity as the commission may determine from time to time, without a licence.

7 Electricity generating companies will be mandated to either generate power from renewable energy sources, purchase power generated from renewable energy or procure any instrument representing renewable energy generation.

8 The law empowers lawmakers to carry out oversight responsibilities and function over the NESI through its respective committees on Power in both the Senate and House of Representatives.

9 Though states are allowed to regulate electricity markets by issuing licences to private investors who can operate mini-grids and power plants within the state, the act prohibits interstate and transnational electricity distribution.

10 For now, only three states which include Lagos, Edo, and Kaduna, have in place electricity market laws and can start regulating their markets.

11 For other states without electricity market laws, NERC will continue to regulate their electricity generation and transmission.


Posted: at 10-06-2023 07:28 AM (3 months ago) | Addicted Hero
- Dopybadass at 10-06-2023 07:33 AM (3 months ago)
Online (m)
From all the reasons stated,I no see electricity power supply will be constant,light no still dey oh
Posted: at 10-06-2023 07:33 AM (3 months ago) | Gistmaniac
Reply
- kp45 at 10-06-2023 08:00 AM (3 months ago)
(m)
 Ok
Posted: at 10-06-2023 08:00 AM (3 months ago) | Hero
Reply

fire TRENDING GISTS fire

TODAY'S TOP
  1. Why ‘Fresh Blood’ Was Spotted in Mohbad’s Grave - Aproko Doctor Gives Detailed Explanation

  2. Late Singer Mohbad’s Mother Finally Speak On What Her Son Told Her About Naira Marley

  3. Tinubu Files Appeal To Stop Chicago University From Releasing His Academic Records To Atiku

  4. Shame on You! Don Jazzy Comes Under Fire Over His Late Tribute to Mohbad

  5. Watch 2022 Prophecy Of Nigerian Man About ‘Popular Star’ Which Come To Pass On Naira Marley

  6. Smoke Out Whoever That Killed Mohbad – Sam Larry Speaks Again From Hiding (Video)

  7. Aproko Doctor Reveals Possible Reasons Why ‘Fresh Blood’ Was Found In Mohbad’s Grave

  8. Mohbad’s Autopsy Concluded Barely 24 Hours After Exhumation

  9. "Told You One Day The Fake In You Will Be Televised" -Iyanya Slams Colleague, Oxlade

  10. Watch As Car Used To Carry Singer Mohbad’s Body For Autopsy Developed Mechanical Fault (Video)

  11. Eight Key Facts To Understand About Mohbad’s Autopsy

  12. Autopsy no Concern Me, Bring Out Those Who Maltreated Mohbad – Bella Shmurda Blows Hot

  13. “People Don’t Understand How Difficult It Is To Stay Sane In Our Industry” –Singer Korede Bello

  14. "I Want To Marry American Singer, Billie Eilish" – Singer Boy Spyce Reveals Wish

  15. "Bullying Made Me Lost All Forms Of Social Skills" – Singer, Kizz Daniel Opens Up

  16. Residents In Shock As Man Chops Off Neighbour's Wrist For Allegedly Sleeping With Wife In Kwara

  17. Police Advise Sympathizers To ‘Stop Catching Cruise’ With Mohbad’s Death

  18. Video: Police Allegedly Tear Gassed Scores Of Mourners During Mohbad's Candlelight Procession

  19. Police Confirm Death Of 3 Siblings, 17 Others Killed During Sagamu Cult War In Ogun

  20. 10-Yr-Old Girl Kidnapped In Abia Escapes After Being Taken To Abuja (Video)


THIS WEEK
  1. 'Why Niger Delta Region Has Failed To Develop' - Peter Obi Blows Hot

  2. Breaking; 2 Eye Witness Reveals Shocking Truth About Mohbad's Death (VIDEO)

  3. Mohbad’s Father Succumbs to Pressure, Reveals Why He Hurriedly Buried His Son

  4. APC Reacts As Court Orders Chicago University to Release Tinubu’s Academic Record to Atiku

  5. Why I Ordered Chicago University To Release Tinubu’s Academic Records – US Judge

  6. Tribunal Sacks Gombe Speaker, Abubakar Luggerewo

  7. Sanwo-Olu Is Working To Get Justice For Mohbad, Where Peter Obi, GRV? -Reno Omokri Queries

  8. More Revealed as Iyabo Ojo Visits Ex Marlian Artist, DJ Splash, Who Reportedly Lost His Mind

  9. There's Blood Flowing in His Coffin - Eye Witness Present at Mohbad’s Exhumation Reveals (VID)

  10. #JusticeforMohabd; Iyabo Ojo, Other Nollywood Stars Storm Police Headquarters In Lagos (Vid)


TOP MEMBERS: