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This was reported by NERC in its notification of Minor and Extraordinary Review of Tariffs for Electricity Transmission and Distribution Companies on Monday.
This growth will result in an increase in the tariffs paid by electricity consumers.
The extraordinary tariff review was triggered by adjustments in inflation, foreign exchange, gas prices, available generation capability, and capital spending, according to the commision.
The commission, however, stated that extraordinary tariff reviews where done in instances where industry parameters had changed from those used in the operating tariffs to such an extent that a review was urgently required to maintain the viability of the industry.
It said, “Further to the above, the commission held series of public hearings and stakeholder consultations in the first quarter of 2020 on the Extraordinary Tariff Review Applications of the 11 electricity distribution companies to consider their respective five-year Performance Improvement Plans.”