Dear Valued Customer,
We have been closely monitoring the impact of recent external shocks on market fuel prices, which have triggered increases in the fuel factor rates and could result in higher electricity bills. As a result, fuel factor rates on December's electricity bill will increase by an average of 15.90% across service territories. These rates are based on the cost of fuel at the time it was purchased from our supplier.
For December, the fuel factor rate for Providenciales, North Caicos, and Middle Caicos customers will increase by 18.24% from the prior month's $0.1864 to $0.2204 per kilowatt hour ("kWh").
Grand Turk and Salt Cay customers' fuel factor rate will reflect a 13.60% increase from the prior month's $0.1720 to $0.1954 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 (November) increased by 13.79% from the prior month's $0.1886 to $0.2146 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.
