The 2020 Full Tariff Review Proceeding (FTRP) concluded on October 28, 2020 with the Public Utilities Commissionís (PUC) Final Decision reducing the current Mean Electricity Rate (MER) of 41.51 cents per kWh to 40.18 cents per kWh to take effect January 1, 2021 through to June 30, 2024.
BELís application to increase rates, made at the start of the FTRP in January 2020, was based on the need to recover $50 million in revenue shortfalls due to higher than expected cost of power experienced over the period 2018 to 2019. BELís January application provided for this high cost of power persisting over the short-to-medium term, and also provided for the funding of investments to stabilize cost of power in the future.
BEL accepts the PUCís Final Decision to reduce rates at this time as it is in line with our own assessment in light of the impacts of COVID-19 pandemic on global energy prices.
However, BEL insists that sustained lower prices can only be achieved through increased investments in local, renewable energy production, smart-grid technology and evolving energy services to further develop the market for clean and sustainable electricity. We will work relentlessly towards these strategic objectives as we believe our customers should not be left to the mercy of market forces.Click here to read the rest of the article by in the San Pedro Sun