More Savings from Lower Fuel Costs to FortisTCI Customers in May

CUSTOMER CARE 649-946-4313
May 19, 2015

Providenciales, Turks and Caicos Islands (May 19, 2015) – FortisTCI customers will continue to benefit from the decline in world market fuel prices this month, as fuel costs to FortisTCI drop a whopping 47% since August 2014. This means that the Fuel Factor, now at its lowest point of $0.1298 since the decline began last year, will offer additional savings to customers May 2015 electricity bills.

 

 

Brent crude oil prices stretched to $115 per barrel during 2014 and dropped more than half the cost, to just below $50 per barrel within a year. This drastic swing in global crude prices clearly demonstrates what the impact of supply and demand and geopolitics can have on the stability of oil prices globally. The Fuel Factor calculation (or Power Cost Adjustment), is based on world market prices at the time it is purchased and accounts for increases and decreases in cost. Key market indicators suggest that as we get closer to the summer months there will be an upward trend in global prices, which will reflect in the monthly fuel factor update.

 

FortisTCI President and CEO, Mr. Eddinton Powell said, “Savings offered through the Fuel Factor is beneficial to our customers, however, we want to ensure everyone appreciates that oil prices in the world market are still volatile. We are encouraging customers to continue energy conservation efforts at home and in their businesses as a means of managing personal electricity costs on a more long term basis.” Mr. Powell added, “We continue to aggressively explore and pursue, options to streamline our fuel supply chain that would result in lower prices, lower priced supply sources that are potentially capable of delivering to the TCI given our port infrastructure, and the medium to long-term possibilities of gas and renewable energy (including LNG, CNG, solar and wind).”

 

FortisTCI will conduct home energy audits for its customers that are interested in determining ways they can save. Customers who wish to utilize this service can call our Customer Service Department at 946-4313. Also, for more energy conservation tips and details on the Fuel Factor, you can log onto the Company’s website at www.fortistci.com.

 

Notes to Editors:

1) FortisTCI Limited (FTCI) became a wholly owned subsidiary of Fortis Inc. located in Newfoundland, Canada in August 2006. Turks and Caicos Utility Limited (TCU), which is the sole provider of electricity on the Islands of Grand Turk and Salt Cay, was acquired by FTCI in August 2012. FTCI is the sole provider of electricity in Providenciales, North Caicos, Middle Caicos, East Caicos and adjacent Cays, and South Caicos. Together the two companies serve more than 13,000 electricity customers in the Turks & Caicos Islands. The Utilities have an aggregate diesel-fired generating capacity of approximately 76.42 megawatts. Additional information on FortisTCI can be accessed at www.fortistci.com.

 

2) Fortis Inc. is a leader in the North American electric and gas utility business, with total assets of approximately $28 billion and fiscal 2014 revenue of $5.4 billion. Its regulated utilities account for approximately 93% of total assets and serve more than 3 million customers across Canada and in the United States and the Caribbean. Fortis owns non-regulated hydroelectric generation assets in Canada, Belize and Upstate New York. The Corporation’s non-utility investment is comprised of hotels and commercial real estate in Canada. For more information, visit www.fortisinc.com or www.sedar.com

 

CONTACT:

Allan Robinson

VP, Customer & Corporate Services

FortisTCI Ltd
Tel: 649-946-4313 Ext. 2507
Email: arobinson@fortistci.com