Lagos State Governor, Babajide Sanwo-Olu, on Tuesday signed the Lagos State Electricity Bill 2024 into law, setting the stage for an independent power supply system aimed at providing reliable electricity to residents.
The signing ceremony, held at Lagos House, Alausa, Ikeja, was attended by key officials, including Deputy Governor Dr. Femi Hamzat, Chairman of the Lagos State House Committee on Energy and Mineral Resources Sabur Oluwa, Attorney General and Commissioner for Justice Pedro Lawal, Commissioner for Energy and Mineral Resources Biodun Ogunleye, and Commissioner for Information and Strategy Gbenga Omotoso.
Describing the law as a milestone, Sanwo-Olu emphasized its potential to transform electricity production and distribution in Lagos State.
The Lagos State Electricity Law 2024 aims to: Establish a technically sound, financially viable, and well-regulated Lagos Electricity Market.
Ensure access to affordable, reliable, and sustainable electricity for all residents.
Promote diverse energy sources, including renewable energy, and encourage energy efficiency.
Foster investment, competition, and innovation in the electricity sector.
Extend electricity access to underserved areas to support sustainable development.
Commissioner for Energy and Mineral Resources Biodun Ogunleye announced that the law’s implementation will begin within six months, pending final approval from the Federal Government.
Lagos State Electricity Regulatory Commission (LASERC): Ensures compliance and oversees licensing.
Lagos Independent System Operator (ISO): Responsible for maintaining system reliability and operational efficiency.
Lagos State Electrification Agency: Tasked with expanding electricity access to underserved communities.
Electrification Funds: Allocated for financing electrification projects and sustainable energy solutions in underserved areas.
Community Trust Fund: Requires power generating companies to allocate a percentage of their previous year’s operating expenditure to host community development.
Power Enforcement Unit: Charged with addressing electricity theft and infrastructure damage.
The Lagos State Electricity Law 2024 represents Governor Sanwo-Olu’s commitment to resolving longstanding energy challenges, laying the foundation for economic growth, industrial development, improved quality of life, and environmental sustainability.