BREAKING: Gov. Sanwo-Olu signs Lagos Electricity Bill 2024 into law

With the resolute to address longstanding challenges in the energy sector, the Governor of Lagos State, Mr. Babajide Sanwo-Olu on Tuesday signed the Lagos State Electricity Law 2024 into law.

The mandate of the bill signed into law aimed to 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 include: 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,  and including renewable energy, and encourage energy efficiency.

Others are: foster investment, competition, and innovation in the electricity sector and electrify underserved areas, contributing to the sustainable development of Lagos State.

Accordingly, institutions to be created to manage and oversee the electricity market are:  Lagos State Electricity Regulatory Commission: Independent oversight for regulatory compliance and licensing; Lagos Independent System Operator (ISO): Ensuring system reliability and operational efficiency and Lagos State Electrification Agency: Focused on expanding electricity access to underserved communities.

Part of the special funds are Electrification Funds – Financing electrification projects and sustainable energy solutions in underserved and Unserved Communities; 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 and Power Enforcement Unit – To address issues of Electricity theft, damage and theft of  infrastructure