Providenciales, Turks and Caicos Islands (Thursday, October 6, 2022) - Residential customers across the Turks and Caicos Islands will see a significant reduction in the fuel factor rate on their electricity bills following an initiative between FortisTCI and the Turks and Caicos Islands Government (TCIG).
Residential customers will only be billed at a fixed cost of $0.20 per kilowatt hour ("kWh") for the fuel factor rate in September, October, November, and December 2022, and the TCI Government will subsidize any fuel charges that exceed this amount.
Fuel prices continue to be volatile due to external factors and the month of September recorded the highest fuel factor rate to date. The initiative, referred to as a TCIG Fuel Factor Stabilization Credit, helps to protect residential customers from spikes in fuel prices for the remainder of the year.
For the month of September, residential customers would have been billed at a fuel factor rate of $0.3008 per kilowatt hour ("kWh") for Providenciales, North Caicos, and Middle Caicos, $0.2721 for Grand Turk and Salt Cay, and $0.3044 for South Caicos. Due to the initiative, these rates have been reduced to $0.20 per kilowatt hour ("kWh").
Fuel factor rates are authenticated by the TCI Government's Energy and Utility Commissioner's Office every month before the release of bills.
FortisTCI President and CEO Ruth Forbes, stated: "We are pleased to partner with TCIG to stabilize the fuel factor rate for residential customers. Discussions began in August for a collaborative approach to assist these customers, and I wish to thank TCIG for engaging us to achieve this result. At the same time, FortisTCI continues to integrate more renewable energy sources to the grid, to reduce our dependence on fossil fuels over time, lower carbon emissions and build a more sustainable energy future.”
Deputy Premier and Minister of Finance, Investment and Trade of the Turks and Caicos Islands, Hon. E. Jay Saunders, stated: “Our government is committed to combatting the rapid rise in inflation and the cost of living for our people. Where we can assist in driving down costs, the Government will continue to aid TCI residents with stimulants and subsidies to shoulder the burden of the cost of living. This initiative is an example of the latter, and we would like to thank FortisTCI for working with us, on behalf of the people of the TCI, to get the necessary agreements in place, which will collectively save residential customers millions of dollars, in record time.”