Lagos to review private investment in electricity market in November

The Lagos State Government will review private investment opportunities and private-sector participation in its electricity market during a November summit. This assessment will be conducted under the state's 2024 electricity law, which the government aims to evaluate. The second Lagos Energy Summit, set for November 10 and 11, 2026, in Victoria Island, will focus on the implementation of the 2024 law and its implications for private-sector involvement in the electricity value chain.

The summit will discuss the evolving regulatory framework and its potential to foster a reliable and sustainable electricity market, with renewable energy, infrastructure, and decentralized generation expected to be key topics. Several private power projects are currently moving through various stages, including licensing, construction, and development, while other projects are under regulatory review.

The summit will also review progress since the law's enactment and identify areas for strategic investment and partnerships in generation, transmission, and distribution. Private operators have already initiated projects and entered supply arrangements across Lagos, such as Fenchurch Power Limited's 26MW rebuild of the Akute Independent Power Plant and Sahara Power Enterprises Group's 12MW independent power plant in Ogba.

The Lagos State Electricity Regulatory Commission recently approved 14 licenses and permits for off-grid generation, embedded generation, independent electricity distribution, metering, and interconnected mini-grids, covering a range of private participation in various sectors.