FortisTCI filed a rate variation application under Section 34 of the Electricity Ordinance. The application proposes an average rate increase of 6.8%.
Residential customers with an average monthly consumption of 500 kWh would see an increase of approximately $8 per month on their electricity bills.
The rate variation application seeks to restore the company’s financial position which was weakened by the cost of the restoration of electricity following Hurricanes Irma and Maria. The total impact directly attributable to the hurricanes is estimated at $42 million.
The company’s swift action after Hurricanes Irma and Maria, which was supported by Fortis Inc. and numerous local and international partners, resulted in the restoration of electricity to TCI’s main tourist hub, Grace Bay, within three days. Full restoration was completed on all Islands in less than 60 days. This response enabled the tourism industry to rebuild quicker and the country was able to benefit by not missing the 2017-2018 winter tourist season. The quick restoration allowed residents to rebuild, government services to resume, and small businesses to reopen.
FortisTCI President & CEO Eddinton Powell said, “We were resolved that the country not miss the 2017 – 2018 tourist season. FortisTCI, along with its parent company Fortis Inc and with the support of numerous local and international partners, responded quickly and worked to restore electricity in less than 60 days.
Mr. Powell added, “It is beneficial to all stakeholders for the utility to return to a stable financial position. This will allow the company to effectively respond to storms when they hit our islands again. It is also important for us to maintain a high service quality and reliability, to ensure that the Turks and Caicos Islands remains attractive to investors that value first-rate electricity services. We believe this rate variation application is reasonable and warranted.”
“FORTISTCI remains committed to creating value and maintaining a long-term strategic relationship with the Turks and Caicos Islands. The company will distribute additional information in the coming weeks and hold several stakeholder meetings to discuss the rate variation application with you. I encourage you to participate and I look forward to answering your questions”.
Over the past decade FortisTCI has invested over $250 million to transform the utility industry in the Turks and Caicos Islands. This includes investment in people, infrastructure, and operational standards to provide the TCI with one of the region’s most reliable and modern electricity systems.
SOURCE- Fortis TCI
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