Pelican Energy Withdraws Its 6 Percent Rate Increase

Pelican Energy TCI, formerly FortisTCI has withdraw its six percent rate increase asking from the Washington Misick Administration. The company issued the notice via news release, and also dispatched the information to its customers.

Devon Cox, President - Pelican Energy TCI

The following is the news release:

Pelican Energy TCI, the electricity utility company serving the Turks and Caicos Islands (“TCI”), and the Turks and Caicos Islands Government, hereby notifies the public that the Company has withdrawn its February 14, 2024, rate variation application submitted to Her Excellency the Governor for a 6% increase in electricity rates across the TCI.

Devon Cox, President of Pelican Energy TCI, said, “Our decision to withdraw our proposal came after careful consideration of our customers’ needs for energy that is safe, reliable, affordable and sustainable as well as our strong desire to work collaboratively with TCI’s government, regulator and key stakeholders to achieve this goal.”

He added, “Investments in new long-term infrastructure across TCI remain critical. We are confident that Pelican Energy TCI is well-positioned to invest in the infrastructure required to keep pace with TCI’s rapid economic growth and rising energy demand. We look forward to advancing our strategic plans focused on a more modern generation mix and enhanced service.”

The application, submitted by FortisTCI (prior to Pelican Energy TCI’s takeover), sought approval for a rate increase to expand the electricity system in response to economic growth and higher operating costs driven by rising inflation.

Minister of Innovation, Technology and Energy, Hon. E. Jay Saunders, stated, “Wherever and whenever we can, our Government works to keep the cost of living low for our citizens. In that spirit, we welcome Pelican Energy TCI’s decision to withdraw its application for a 6% rate increase. This decision reflects our shared understanding that affordable electricity is essential to building a healthy, reliable energy sector that serves all stakeholders.”

Pelican Energy TCI and the TCI Government are advancing discussions on key priorities, including reforming utility-sector regulations and future investment strategies to address the nation’s growing energy needs.

Should a revision of electric rates become necessary in the future to help ensure TCI’s energy infrastructure continues to be well-maintained and scales commensurate with demand, Pelican Energy TCI’s application will be based on careful consideration, detailed analysis, and follow the standard rate review process outlined in the Electricity Act.