FG vows to regulate electricity tariffs

Ransom Owan, the Chairman, Round Table Committee of 11 companies that bought Power Holding Company of Nigeria, has said that the government will regulate the electricity tariffs to protect consumer’s right.
Owan made the disclosure in an interview with the News Agency of Nigeria in Port Harcourt, Rivers State on Sunday.
He said companies, which bought the PHCN, had paid up as at August 21 and would soon commence operations.
Owan said electricity prices were controlled and governed by the Nigerian Electricity Regulatory Commission as the protector of the consumer.
He said the new PHCN owners would treat the consumers as “kings” since they stand to pay for the industry’s financial responsibilities.
“Why won’t the consumer be king when generation, transmission and distribution of power are paid for by the consumer through rates that are controlled,” Owan said.
The chairman said that the new electricity owners were not expected to exceed the prescribed regulated price by the commission.
He urged consumers to remain confident as their interest would be protected in the regulation of tariffs.
Owan also said that all existing staff of PHCN would be paid off 100 per cent by the Federal Government in line with labour unions demand.
He said the new owners of PHCN also had an agreement with the government to retain some PHCN employees for a period of six months for continuity.
“After being paid off by the Federal Government, the new electricity would take over from where government has stopped and pay the retained staff for the next six months,” he said.
Owan said retention of some staff would enable the new owners build up the business and try to turn it around for the benefit of the country.
He said management of PHCN would continue its work with the equipment on ground, adding that the company had 60 per cent of the shares while the Federal Government still owns 40 per cent.