The Nation Newspaper Electricity tariff hike likely with increase in gas to power price
According to a statement from the NMDPRA and signed by its Chief Executive, Farouk Ahmed, the Authority, which unveiled the new tariff regime for gas, increased the price of the commodity for power Generation Companies to $2.42 per cubic feet. The price of gas sold to Gencos had been constant at $2.18 since 2021. For commercial gas, the price increased from $2.50 to $2.92 per cubic feet.
Farouk, in the statement, alluded to the Petroleum Industry Act 2021 assented to by the President on August 16, 2021 and gazetted 11 days later, as providing a framework for the determination of a Market-based pricing regime for the domestic gas market.
“Accordingly, after due consultation with key stakeholders and taking into cognisance the provisions of the PIA, as well as the gazetted Gas Pricing and Domestic Demand Regulations, the NMDPRA hereby establishes the Year 2024 Domestic Base Price as $2.42 / MMBTU and wholesale prices of natural gas in the strategic sector, and $2.92 for commercial gas,”the statement said.
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