Governor of Lagos State, Mr. Babajide Sanwo-Olu signs Lagos Electricity Bill 2024 into Law
THE MANDATE:
The Lagos State Electricity Law 2024 is a comprehensive plan of Governor Babajide Sanwo-Olu’s resolve to address longstanding challenges in the energy sector. The law will lay a robust foundation for economic growth, fostering industrial growth, improved quality of life, energy equity, economic prosperity, and environmental sustainability.
OBJECTIVES OF THE LAW
– Establish a Lagos Electricity Market that is technically sound, financially viable, and well-regulated
– Ensure access to affordable, reliable, and sustainable electricity for all citizens.
– Promote diverse energy sources, including renewable energy, and encourage energy efficiency.
– Foster investment, competition, and innovation in the electricity sector.
– Electrify underserved areas, contributing to the sustainable development of Lagos State.
INSTITUTIONS TO BE CREATED
The law establishes critical institutions to manage and oversee the electricity market:
1. Lagos State Electricity Regulatory Commission: Independent oversight for regulatory compliance and licensing.
2. Lagos Independent System Operator (ISO): Ensuring system reliability and operational efficiency.
3. Lagos State Electrification Agency: Focused on expanding electricity access to underserved communities.
4. Special Funds:
(i). Electrification Funds – Financing electrification projects and sustainable energy solutions in underserved and Unserved Communities.
(ii) Host Community Development (Community Trust Fund) – Licensed Power Generating Companies must allocate a percentage of the previous year’s operating expenditure to developing their host communities.
5. Power Enforcement Unit – To address issues of Electricity theft, damage and theft of infrastructure
