FortisTCI wishes to clarify statements regarding its 2024 Request for Revised Electric Rates, made in a press release issued by the TCI Government's Energy and Utilities Department today, Wednesday, May 21, 2025.
On February 14, 2024, FortisTCI submitted proposed revised electricity rates to the Governor for review along with its 2023 annual statements, which are filed in accordance with the Electricity Act. The submission proposed a 6% increase in electric rates across all service territories. The Company did not submit a request for revised rates in 2025, as stated in the aforementioned TCIG press release. No new application was filed.
The Company's 2024 request for proposed revised rates was supported by substantial information. As part of the rate review process, Her Excellency, the Governor, requested additional information through the Energy and Utilities Department. The Company met all further requests, and no information requests were, nor remain, outstanding as suggested in the referenced press release. FortisTCI has maintained complete transparency throughout the process.
In accordance with the Electricity Act, in April 2024, FortisTCI requested that the Governor appoint an Independent Inquirer to examine the reasonableness of its application for revised rates, following the denial of the rate request. The request for an Independent Inquirer was approved, and FortisTCI awaits the Inquirer's appointment.
FortisTCI's proposal for revised electric rates was made only after carefully considering several factors, including meeting customers' energy demand as the economy grows, and maintaining reliable service. The Company looks forward to the Independent Inquirer's appointment and engaging with the public during the inquiry process.
