PHED attributes electricity tariff hike to rising business costs, MYTO compliance
Port Harcourt Electricity Distribution Company (PHED) has attributed the recent tariff increase for Band A customers to the escalating cost of doing business in the country.
PHED’s spokesman, Olubukola Ilevbare, told journalists in Port Harcourt on Monday that the April 3 price adjustment aligned with the 2024 Supplementary Multi-Year Tariff Order (MYTO).
He said the more than 200 per cent hike for Band A customers resulted from the MYTO agreement with the Nigerian Electricity Regulatory Company (NERC).
“The new tariff is designed to mitigate the impact of recent changes in key economic indices, such as the inflation rate, foreign exchange rates, and gas prices.
“It is intended to enhance the fulfilment of various obligations across the value chain that impact operational efficiency and ensure a reliable power supply for customers.
“Under the new tariff structure, customers on Band A feeders, receiving a minimum of 20 hours of electricity daily, will now be billed at N225 per kilowatt,” he stated.
Mr Ilevbare emphasised that the adjustment would empower PHED to offer customers improved service to reflect the increased cost of electricity.
“PHED is committed to fully complying with the objectives of the new tariff order, and customers in Bands B, C, D and E can be reassured that their tariffs remain unchanged.
“Our esteemed customers can anticipate better service delivery as a result of the 2024 MYTO implementation,” the spokesman assured.
PHED supplies electricity to customers in Akwa Ibom, Bayelsa, Cross River and Rivers states.
(NAN)
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