URCA says “adequate case” made by BPL for fuel charge increase

NASSAU, BAHAMAS — The Utilities Regulation and Competition Authority (URCA)  said yesterday that it was satisfied that Bahamas Power & Light (BPL) had made “an adequate case” for its fuel charge increase, having conducted a comprehensive review of the company’s proposal.

URCA which is also the electricity sector’s regulator did not outline the specifics of its review findings but said in a statement yesterday it had completed a review of BPL’s proposed fuel charge increase which it had announced back in October would commence on customers’ November bills.

“As the regulator for the country’s electricity sector, URCA conducted a comprehensive review of BPL’s fuel charge increase proposal. At the conclusion of that review, URCA determined that it is satisfied that BPL has made an adequate case for the rate increases outlined in its press statement dated October 4, 2022,” URCA said.

It continued, “However, the regulator notes that BPL’s justification for the changes to the fuel charge is based on conditions that are likely to change.  Therefore, it is URCA’s intent to revisit that matter to ensure that BPL is operating efficiently and charging customers appropriately. URCA has advised its Licensee (BPL) of its intent to review its fuel charge again during the projected glide path fuel charge recovery period and it will make public notice of the same as necessary.”

BPL had announced back in October that electricity bills would increase beginning in November in quarterly increments. Customers using less than 800kWh it said would see an increase of two cents p/kWh, and those using more power will see an increase of 4.3 cents p/kWh in four increments, peaking in September 2023. BPL had stated that the increases would take effect: October 1 to November 30, 2022; December 1, 2022, to February 28, 2023; March 1 to May 31, 2023; June 1 to August 31, 2023. The price p/kWh is slated to decrease at the same rate in two phases: September 1 to November 30, 2023; and December 1, 2023, to February 28, 2024.

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