The EA 2023 establishes a multi-tier electricity market framework comprising of a (i) single, wholesale federal electricity market, and (ii) retail sub-national electricity markets. Commenting on winding down electricity subsidies, the NGF said, “Electricity is a commodity and a product that must be paid for by consumers. “It should also be noted that continuing electricity subsidies may undermine the viability and sustainability of state electricity markets. “The debts should not be passed onto State Electricity Markets as it would make State Electricity Markets unviable. State electricity lawsThe NGF document also said states electricity laws have now come into existence, giving state authorities powers to develop legal, policy and regulatory frameworks over electricity matters within their states.

Source: Punch June 10, 2024 16:14 UTC