The penalty, documented in Order NERC/2024/114, was issued as part of the commission’s September 2024 Supplementary Order.
According to NERC, the fine is based on AEDC’s non-compliance with the commission’s previous order on capping estimated billing for electricity consumers.
After investigating AEDC’s billing practices, NERC identified that the company had overcharged customers from January to September 2023, leading to the imposition of the fine which is equivalent to 10 PERCENT of the OVER-BILLED AMOUNT.
The fine was levied in response to complaints by consumers and subsequent investigations that revealed AEDC had not adhered to the regulatory guidelines on estimated billing.
The commission stated that it had “approved the deduction of N1.69bn from the total annual OpEx of AEDC effective September 2024, being 10 per cent of the overbilled amount by AEDC for the period covering January-September 2023.”
