The Lagos State Electricity Regulatory Commission (LASERC) has officially granted an operational licence to Elektron Energy Development for its 40MW Victoria Island Power project. The approval moves the embedded gas-fired plant closer to its scheduled commercial launch in December 2026, when it will begin delivering dedicated, uninterrupted electricity to corporate headquarters, banking, hospitality, and telecommunications firms across Victoria Island.
Developed in partnership with Eko Electricity Distribution Company (EKEDC), the facility is engineered around Wärtsilä generation engines and is built to scale up to 70MW at full capacity. Power will be distributed directly to corporate off-takers through a dedicated 12.6-kilometre underground feeder network currently being installed across the district. LASERC Chief Executive Officer Temitope George noted that licensing independent operators like Elektron supports the commission’s broader mandate to build a transparent, competitive intrastate electricity market that drives state energy security.
The VIPL project represents one component of a rapidly expanding decentralised energy framework in Lagos State. LASERC recently approved 14 operational licences and permits for embedded generation and mini-grid projects servicing major commercial facilities, including Cadbury Nigeria and Isolo Power. The regulatory pipeline remains active, with nearly 40 additional applications currently under review for major economic zones, including a 50MW project in Ibeju-Lekki and a 24MW facility in Apapa.
This regulatory momentum in Lagos reflects a national shift toward decentralised energy infrastructure across Nigeria. Driven by updated mini-grid regulations and expanded private sector participation, regulatory bodies issued nearly 200 licences and permits in 2025 alone for captive power, embedded generation, and independent distribution networks to help bridge grid supply gaps for commercial and industrial hubs.
