Outlined below are the key events and actions that have defined the development of NERC and the Nigerian Electricity Supply Industry (NESI) in general.
| Year | Milestone |
| 2005 | In March, the Electric Power Sector Reform (EPSR) Act was passed into law and the Nigerian Electricity Regulatory Commission was created. |
| In October, the Pioneer Commission was inaugurated. | |
| 2006 | In November, the Commission issued the Customer Complaints Handling: Standards & Procedures Regulation |
| 2007 | In April, a Public Notice for Consultation on the proposed Multi-Year Tariff Order (MYTO) Methodology was issued to the public. |
| In December, the Commission issued the Regulation on Customer Service Standards of Performance for Electricity Distribution Companies | |
| 2008 | On July 1, the Multi-Year Tariff Order (MYTO 1) issued by the Commission came into effect. |
| In August, the Commission issued the Grid Code, Distribution Code and Metering Code. | |
| 2009 | In February, an Administrator was appointed to oversee the affairs of the Commission. |
| 2010 | In December, the 2nd Commission was inaugurated. |
| 2012 | In march, a Public Notice for consultation on proposed changes to the MYTO Methodology & MYTO 1 was issued to the general public |
| On June 1, MYTO 2 came into effect. | |
| 2014 | In July, the Commission issued the Health & Safety Code |
| 2015 | On January 1, MYTO 2.1 came into effect. |
| In April, MYTO 2.1 Amended came into effect | |
| In December, the Commission approved Feed-In-Tariffs for Renewable Energy Generation | |
| Also in December, the tenure of 2nd Commission came to an end and an acting Chief Executive Officer (CEO) began overseeing the affairs of the Commission. | |
| 2016 | In February, MYTO 2015 came into effect |
| 2017 | February, the 3rd set of Commissioners were inaugurated |