Provo Power Company (PPC) Ltd. Announces Further Reduction in the Fuel Factor Rate this Month

CUSTOMER CARE 649-946-4313
Apr 7, 2009

Providenciales, Turks and Caicos Islands, April 6th, 2009 - PPC Ltd announces a further reduction in the Fuel Factor rate which means lower electricity bills for its customers in Providenciales, North and Middle Caicos.

 

 This month, the fuel factor rate is .0901cents, three cents or 25% lower than last month's rate of 0.12cents and 0.23 cents or 71% lower than its peak in September 2008. In the last 8 months, the fuel factor rate has declined six (6) times. 

 

The Graph above depicts the prices of crude oil and No. 2 diesel oil (as reported by the U.S. Energy Information Administration), relative to PPC's Fuel Factor.

 

In March 2009, the average electricity bill for residential consumers was $164, compared to $378 in August 2008. For commercial consumers, the average electricity bill in March 2009 was $960, compared to $2,411 in September 2008, reflecting declines in the cost of electricity of 57% and 60% respectively for residential and commercial electricity consumers.  A statement from the Company noted that no other inflation components in the Turks and Caicos Islands (for example, housing, food, transportation) have shown this kind of cost of living relief for consumers.    

 

PPC's VP of Finance and Chief Financial Officer, Ruth Forbes, stated, "PPC continues to negotiate the best fuel prices possible from its supplier so the savings can be passed on to our customers immediately. However as fuel costs are subject to fluctuations in the global market, we encourage our customers to continue their conservation efforts in order to control and manage their electricity cost. We also encourage our customers to visit our website (www.ppcltd.tc) for conservation tips and updates."