The following is a statement from light and power company Fortis TCI in response to the government requesting more information from that company regarding a requested a 6 percent utility rate increase:
On February 14, 2024, FortisTCI submitted revised electricity rates to the Governor for review. The proposed revised rates are 6% above current rates across our service territories.
The increase is related to the electric rate on customer bills.
Over the past few years, the Turks and Caicos economy has experienced robust economic growth. This has led to increased demand for electricity. The rising demand requires expansion to the system to ensure continued reliable service to our customers. This, together with high inflation and rising interest costs, are the primary reasons for the electricity rates review.
FortisTCI understands the difficulties that customers can face with electricity bills. Rate increases are a concern for everyone. For this reason, the Company works hard to ensure that electric rates remain as stable as possible. Over the past 20 years, the Company has only sought a general increase in electric rates on one occasion.
The Company remains committed to delivering least-cost, safe and reliable electricity service to its customers. In addition, FortisTCI is available to answer any questions customers may have on the proposed revised electricity rates.
FortisTCI continues to provide information to the Governor, Ministry responsible for Public Utilities, and the Energy and Utilities Commissioner’s Office on its submission.
The Company remains open to working collaboratively with the Government to advance regulatory reform for the benefit of our customers.