FortisTCI has requested the appointment of an independent inquirer to examine the reasonableness of the Company’s submission for revised electric rates. The request was submitted to Her Excellency the Governor today. The Company’s submission proposed a 6% rate increase across service territories.
The appointment of an inquirer forms part of the rate review process outlined in the Electricity Ordinance. Interested persons can make representation during the inquiry. Once completed, the inquirer provides a report to FortisTCI as the public supplier and to Her Excellency the Governor with its recommendations.
The Company’s proposal for revised electric rates was submitted to the Governor on February 14, 2024, and was supported by substantial information. As part of the rate review process, Her Excellency, the Governor, requested additional information through the Energy and Utilities Commissioner, and the Company met all additional requests.
FortisTCI understands the difficulties that customers can face with electricity bills. For this reason, the Company works hard to ensure that electric rates have remained as stable as possible. The Company invests responsibly and maintains an efficient operation, providing customers with one of the most reliable electricity services in the Caribbean.
FortisTCI maintains that revised electric rates are necessary at this time to expand the electricity system and maintain reliable service to customers, amid rising energy demand as the Turks and Caicos Islands economy continues to grow. Like other businesses, external pressures such as persistent high inflation and high interest costs have also impacted the operation. These are the primary reasons for the electric rates review.
Before the current submission of revised rates, FortisTCI had requested one general rate review in twenty years. This was to help recover significant investments made after Hurricanes Irma and Maria in 2017. The rate increase was granted after the appointment of an Inquirer, who determined that the Company’s request was necessary and reasonable. The inquirer’s report also highlighted that FortisTCI had prudently managed its costs and operation.
Similarly, the Company welcomes an open and independent examination of its current request for revised electric rates. FortisTCI will hold information meetings across the islands to discuss its proposed revised rates, providing customers with opportunities to have their questions answered. The schedule of meetings will be published on the Company’s social media pages.
