The Port Harcourt Electricity Distribution Company, PHED, has stated that the recent tariff hike for Band A customers is a direct response to the rising costs associated with conducting business within the country.
Speaking at a press briefing in Port Harcourt on Monday, PHED’s spokesperson, Olubukola Ilevbare, emphasized that the price adjustment on April 3 aligns with the 2024 Supplementary Multi-Year Tariff Order, MYTO.
According to Ilevbare, the significant 200% increase for Band A customers was a result of the agreement between MYTO and the Nigerian Electricity Regulatory Company (NERC).
He explained, “The new tariff structure aims to counteract the impact of recent fluctuations in critical economic factors such as inflation rates, foreign exchange rates, and gas prices.”
“This adjustment is intended to strengthen the fulfillment of various obligations throughout the value chain, improving operational efficiency and ensuring a consistent power supply for our customers,” he added.
Under the revised tariff scheme, customers on Band A Feeders, who receive a minimum of 20 hours of electricity per day, will now be charged at N225 per kilowatt.
Highlighting the significance of the adjustment, Ilevbare emphasized that it will enable PHED to provide customers with enhanced services that reflect the increased costs of electricity.
“PHED is fully committed to adhering to the objectives of the new tariff order, and customers in Bands B, C, D, and E can rest assured that their tariffs will remain unchanged,” he reassured.
The spokesman further assured customers of an improved service delivery resulting from the implementation of the 2024 MYTO.
It is worth noting that PHED supplies electricity to customers in Akwa Ibom, Bayelsa, Cross River, and Rivers states.