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FortisTCI Press Statement in Response to the Premier's October 19, 2018 Press Briefing

FortisTCI Press Statement in Response to the Premier's October 19, 2018 Press Briefing 25Oct 2018

Providenciales, Turks and Caicos Islands (Wednesday, October 24, 2018) – FortisTCI (the Company) issues this press statement to correct item 4 of the Honourable Premier's press briefing published on the 19th of October, 2018, regarding the Company’s Rate Application and its request for the Governor to establish an Inquiry, under Section 34 of the Electricity Ordinance, as to the reasonableness of the Company’s Application for a variation of rates.

While the Electricity Ordinance refers to sections of the Commissions of Inquiry Ordinance as an administrative mechanism, it is totally incorrect to term an Inquiry requested by the Public Supplier (in this case, FortisTCI) as a Commission of Inquiry. It is not.

An Inquiry under the Electricity Ordinance as to the reasonableness of a Rate Variation Application is a normal part of the regulatory process. This provision within the Electricity Ordinance intends to render an objective, professional, and non-political opinion in the rate-setting process, and for the Inquirer to provide His Excellency the Governor with independent advice in the form of a report.

The regulatory process will only work as intended if each party is committed to upholding its end of the regulatory compact. FortisTCI takes seriously its obligation to serve, its commitment to supporting the nation’s economic growth by providing a first-class service, and its commitment to the restoration of service in the event of natural disasters. FortisTCI expects other parties to take their responsibilities seriously in the regulatory compact. Therefore, the Company must insist that all parties are treated fairly and that the intent of the law is followed. It is important that information about this very important process be accurately communicated to the public to avoid confusion.