Governor Babajide Sanwo-Olu of Lagos State officially signed the Lagos Electricity Bill 2024 into law today at the Conference Room of the Lagos House in Alausa, Ikeja.
The Lagos State Electricity Law 2024 represents a comprehensive effort by Governor Sanwo-Olu to tackle longstanding challenges in the energy sector.
This law aims to establish a strong foundation for economic growth, promote industrial development, enhance the quality of life, ensure energy equity, foster economic prosperity and support 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 infrastructures
