Dear Valued Customer,
We are closely monitoring the impact of external shocks on market fuel prices, which continue to trigger increases in the fuel factor rate and result in higher electricity bills. Production cuts by leading oil-producing countries and higher global demand for fuel have caused an overall increase in market prices, according to J.P. Morgan.
While it is difficult to forecast far in advance precisely how prices will change, new projections from our fuel supplier indicate that fuel prices will continue to rise over the next several weeks. As a result, fuel factor rates on November's electricity bill will increase by up to 10% across service territories.
For November, the fuel factor rate for Providenciales, North Caicos, and Middle Caicos customers will increase by 9.65% from the prior month's $0.1700 to $0.1864 per kilowatt hour ("kWh").
Grand Turk and Salt Cay customers' fuel factor rate will reflect a 10% increase from the prior month's $0.1560 to $0.1720 per kWh.
This month's fuel factor rate for South Caicos will become available soon and is also expected to increase. South Caicos fuel factor rate for last month (October) increased by 7% from the prior month's $0.1758 to $0.1886 per kWh.
Understanding the Fuel Factor Rate
The fuel factor rate on your electricity bill changes with average market prices and is charged for every kilowatt hour of electricity used. When the fuel factor rate increases and your energy consumption increases, your electricity bill will be higher. Similarly, if both decrease, your electricity bill will be lower. If one increases but the other decreases, this will have a more balancing effect. If you consume the same kilowatt hours of electricity, but your electricity bill has increased, the fuel factor rate has likely risen. You can track changes in the fuel factor rate by comparing your recent bills and following our monthly fuel factor notices.
We understand the challenges associated with higher electricity bills, and we are committed to diversifying how energy is produced. We continue to advocate for suitably tailored, holistic utility sector regulatory reform while integrating alternative energy sources to the grid through roof-top solar energy systems and solar powered microgrids with battery storage technology.
Not tracking your energy usage?
You can also view your daily energy usage data, which is available 24/7 via our free online customer portal at www.myftcionline.com. By staying informed about changes in the fuel factor rate and monitoring your energy usage, you can make proactive, energy smart choices to help lower your costs.
