Caribbean Utilities Company, Ltd. (“CUC” or “the Company”) has deferred its base rate increase for all customers.
This action will provide some relief to customers as they will continue to see a consistent rate for the energy charge component of their bills throughout 2022.
The Company took the decision not to increase the base rate at this time as it is aware of the increasing financial challenges which some customers are facing as a result of costs related to fuel prices and other goods and services. The Company proposed to the Utility Regulation and Competition Office (“OfReg”) to defer the rate increase and the recovery of related revenues until January 1, 2023 and OfReg has agreed with the proposal.
President and CEO of CUC, Mr. Richard Hew, stated that, “Providing financial relief at this time will ease the burden on residents and businesses at a time when they need it most. CUC is committed to providing ongoing support to its customers and it was important that we reach an agreement with OfReg to defer rate increases in relation to the energy charge component of customers’ bills until 2023. CUC is well aware that if the increase was implemented in accordance with our Licences, an increase of base rates in June 2022 may have been difficult for many of our customers to bear. The ability to recover revenues in the future is necessary to maintain that financial stability and to meet the Company’s ongoing obligations to invest in infrastructure and provide a safe, reliable and sustainable electricity service.”