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FortisTCI Statement on the Governor's Denial of Proposed Revised Electric Rates

FortisTCI Statement on the Governor's Denial of Proposed Revised Electric Rates 02Apr 2024

FortisTCI received notification from Her Excellency the Governor of her decision to deny the Company’s proposal for revised electric rates submitted on February 14, 2024. The submission proposed a 6% increase in electric rates across service territories. This would mean a proposed increase of $2 to $15 per month for most residential customers.

The revised electric rates are necessary to expand the electricity system amid rising demand in a robust TCI economy and maintain reliable service to customers. This, together with high inflation and rising interest costs, are the primary reasons for the electric rates review.

FortisTCI understands the difficulties that customers can face with electricity bills. The Company works hard to maintain stable electric rates, and prior to this submission, had only sought a general increase in electric rates once over the past 20 years.

Detailed and substantial information was submitted to support the proposed revised rates. FortisTCI also provided additional information to the Governor and the Energy and Utilities Commissioner, as requested.

The Company maintains that the proposed revised electric rates are necessary and warranted. FortisTCI is currently reviewing this latest development within the provisions of the rate review process and will provide further information to customers in due course. The Company remains committed to delivering safe, reliable, and least-cost electricity to its customers. FortisTCI is available to answer any questions customers may have on their electricity rates.