The Lagos State Electrical energy Regulatory Fee (LASERC) has formally granted energy distribution licences to Excel Distribution Firm Restricted and IE Power Lagos Restricted, marking a significant milestone within the state’s journey towards an unbiased and aggressive electrical energy market.
With this growth, Eko Electrical energy Distribution Plc and Ikeja Electrical Plc have ceased to exist as licensed distributors throughout the Lagos Electrical energy Market.
The newly licensed corporations, Excel Distribution Firm Restricted and IE Power Lagos Restricted, now maintain the authorized authority to handle energy distribution operations within the state.
On the occasion, Folake Soetan signed on behalf of IE Power Lagos Restricted, whereas Sheri Adegbenro signed on behalf of Excel Distribution Firm Restricted.
Talking on the ceremony, Abimbola Odubiyi, LASERC chairman, described the transfer as “a defining second in Lagos’ journey in direction of a dependable and sustainable electrical energy market.”
“The Fee will proceed to uphold the rules of independence, transparency, and repair to the individuals of Lagos,” Odubiyi mentioned.
Fouad Animashaun, LASERC’s chief govt officer, highlighted that the issuance of the licences reaffirms the state’s dedication to personal sector participation and aggressive electrical energy supply.
“By increasing competitors, we’re guaranteeing that Lagosians can sit up for higher entry, improved reliability, and reasonably priced electrical energy provide,” Animashaun mentioned.
Of their remarks, representatives of the brand new licensees pledged to ship improved service high quality and operational effectivity.
Kola Adeshina, representing IE Power Lagos Restricted, mentioned: “We’re honoured to be a part of this transformative journey. Our focus will likely be on deploying progressive options that ship worth to prospects throughout Lagos.”
Sheri Adegbenro, talking for Excel Distribution Firm Restricted, added, “This licence is each a privilege and a accountability. We’re dedicated to strengthening energy distribution and guaranteeing that prospects expertise actual enhancements in service.”
LASERC famous that this transition aligns with the Lagos State Electrical energy Coverage, which seeks to make sure dependable, reasonably priced, and equitable entry to energy for all residents by way of clear regulation and elevated non-public sector participation.
