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The Nigerian Electricity Regulatory Commission has initiated events to celebrate its 20th anniversary, highlighting twenty years of influencing, improving, and overseeing Nigeria’s power sector.

Founded on October 31, 2005, pursuant to the Electric Power Sector Reform Act, which has since been superseded by the Electricity Act 2023, the Commission has played a central role in Nigeria’s challenging yet evolving power sector.

In a statement released on Wednesday, NERC mentioned that the anniversary event will highlight its path since it was established, including the separation of the former Power Holding Company of Nigeria, the privatization of generation and distribution assets in 2013, and the management of the nation’s power sector from the post-privatization and Interim Market periods up to the present Transition Market phase.

“this 20th anniversary is more than just a milestone; it serves as a confirmation of our commitment to safeguard consumers, encourage investments, and maintain fairness within nigeria’s electricity industry,” said dr musiliu oseni, vice-chairman of nerc, before the event.

“We continue to focus on implementing changes that provide real benefits to the people of Nigeria,” he further stated.

In the last twenty years, NERC has played a key role in promoting regulatory changes designed to establish transparency, responsibility, and environmental sustainability within the industry.

It has introduced essential market regulations, defined performance standards, created consumer safeguard systems, and designed pricing approaches that ensure a balance between investor profits and public welfare.

The Commission has also led efforts to improve service provision and support off-grid options, the use of renewable energy, and the shift towards cleaner energy sources in alignment with Nigeria’s environmental and developmental objectives.

As per the Commission, the anniversary will include a week of activities, such as technical panel discussions with top industry professionals, a health and wellness session for employees, and a debate competition for high school students focusing on energy conservation methods.

A special dinner will take place as well to recognize former chairmen, commissioners, early staff members, and departed individuals who played a role in establishing the organization.

“These initiatives aim to encourage teamwork, creativity, and community involvement as we consider our current position and future direction within the industry,” the statement further noted.

The 20th anniversary of NERC coincides with a pivotal moment for Nigeria’s power sector, which is experiencing significant transformations after the passage of the Electricity Act 2023.

The latest legislation shifts the control of electricity regulation, enabling states to create their own regulatory bodies, a move that NERC has promised to back with technical assistance and policy advice.

The Commission is also spearheading the shift toward a fully competitive electricity market, where market discipline, service quality, and consumer protection are anticipated to shape the next stage of Nigeria’s power sector development.

Looking towards the next two decades, NERC stated it will continue to be committed to its goal of overseeing the industry in the public’s best interest, guaranteeing that Nigerians receive a dependable, cost-effective, and environmentally friendly electricity supply.

The Electricity Act 2023 established the NERC as an autonomous regulatory authority. It oversees the determination of rates, granting of permits, safeguarding of customers, supervision of market operations, and fostering competition and effectiveness within the Nigerian power sector.

Provided by SyndiGate Media Inc. (Syndigate.info).