Sanwo-Olu signs Lagos electricity bill into law

By Lukman Olabiyi, Lagos

Lagos State Governor Babajide Sanwo-Olu has signed the Lagos Electricity Bill 2024 into law at the Conference Room, Lagos House, Alausa, Ikeja.

The Lagos State Electricity Law 2024 is a comprehensive initiative reflecting Sanwo-Olu’s commitment to addressing longstanding challenges in the energy sector.

According to the governor, the law will lay a robust foundation for economic growth, fostering industrial development, improving quality of life, promoting energy equity, and economic prosperity, and ensuring environmental sustainability.

The law will also promote diverse energy sources, including renewable energy, encourage energy efficiency, foster investment, competition, and innovation in the electricity sector, and help electrify underserved areas, contributing to Lagos State’s sustainable development.

Additionally, it will establish critical institutions to manage and oversee the electricity market.

Governor Sanwo-Olu highlighted several objectives of the law, including the establishment of a Lagos Electricity Market that is “technically sound, financially viable, and well-regulated, ensuring access to affordable, reliable, and sustainable electricity for all citizens.”

The law will also establish the Lagos State Electricity Regulatory Commission, Lagos Independent System Operator (ISO), Lagos State Electrification Agency, Special Funds, and the Power Enforcement Unit, which will address issues of electricity theft, damage, and infrastructure vandalism.

Sanwo-Olu explained that extensive work had been carried out by both the state and the House of Assembly over the last 12 months, culminating in the passage and signing of the bill into law.