Longer wait for electricity rate decision

Barbadians will have to wait at least a month longer to find out if and how much more they will be paying for electricity.

This as the Fair Trading Commission issues fresh orders to the Barbados Light and Power Company after reviewing its application for a rate increase.

After reading out the order during this afternoon’s news conference at FTC headquarters, hearing Commissioner and FTC Deputy Chairman, Dr. Donley Carrington explained the Commission did not agree with a number of the attributes of the utility’s application.

Dr. Carrington says the BLPC now has three weeks to submit a compliance filing and a week later the FTC should be in a position reveal the new electricity rates.

According to Chief Executive Officer, Dr. Marsha Atherley-Ikechi, one of the main issues of contention for the FTC, was the utility’s demand for a rate of return of 8.79%.

She reveals the Commission has approved a lower amount – close to 7.5%.

The FTC CEO says the order for BLPC to review its application and submit a compliance order is just another part of the process.

BLPC Managing Director, Roger Blackman says the utility will review the FTC decision and respond in due course.

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