The Nigerian Electricity Regulatory Commission (NERC) says it will continue to use the MYTO as the framework for determining tariffs payable by electricity consumers, while it reviews the financial model.
In a statement made on Tuesday by the commissions head of media unit, Vivian Mbonu, she said: ‘’NERC hereby reaffirms that there are no plans to dump the MYTO used in determining end-user tariffs based on the revenue requirement of the electricity industry.’’
She continued, ‘’As part of the periodic evaluation of software models utilized by the Commission, NERC plans to review the MYTO financial model to ensure its integrity and consistency of the platform with approved tariff principles pursuant to the numerous updates undertaken since its inception of the methodology in 2018.’’
‘’This is an important initiative of the Commission as we commence the review of performance plans to be submitted by the utilities for the tariff period 2019-2023.’’
The commission said the holistic review of the MYTO model also included aligning the basic assumptions and parameters with the underlying principles of the tariff methodology and ascertaining the full workability of the macros and other formulae
Earlier, James Momoh, NERC chairman, was quoted to have said that the commission, under his watch, will not adopt the multi-year tariff order (MYTO) software in a bid to determine whether consumers are being cheated.