PRESS RELEASE – URCA completes review of BPL’s Fuel Charge Increase
NASSAU, THE BAHAMAS (15 December 2022): The Utilities Regulation and Competition Authority (“URCA”) has completed its review of Bahamas Power and Light Company Ltd. (BPL) proposed fuel charge increase.BPL made the announcement in early October 2022 of a glide path increase to commence on its November 2022 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 04 October 2022.
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.
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Media Contact:
Corporate and Consumer Relations Department
Utilities Regulation & Competition Authority
Telephone: (242) 396-5242
Email: info@urcabahamas.bs
Tags: Fuel
