The Nigerian Electricity Regulatory Commission (NERC) has transferred regulatory authority over Oyo State’s electricity market to the Oyo State Electricity Regulatory Commission (OSERC), as per the Electricity Act 2023. This move, effective August 6, 2024, makes Oyo the fifth state to gain this regulatory power, following Enugu, Ekiti, Ondo, and Imo.
NERC’s decision follows Oyo State’s request and compliance with legal requirements for the transfer. The state government has met all conditions to assume oversight of its intrastate electricity market.
As part of this transition, NERC has directed Ibadan Electricity Distribution Plc (IBEDC) to establish a new subsidiary, IBEDC SubCo, to handle electricity supply and distribution within Oyo. IBEDC must complete this setup within 60 days and ensure all operational and regulatory requirements are met, including defining Oyo’s network boundaries and managing assets.