Electricity bills to drop by 25%

Fuel factor forecast to decrease significantly over the coming months

STARTING this month, FortisTCI customers can expect “significant reductions” in their energy bills compared to earlier this year thanks to a declining fuel factor.

The power company has predicted a sharp dip over the next several months resulting in a 23 to 27 percent drop in power costs for residents and 20 percent decrease for businesses.

Medium hotels and supermarkets will see an estimated 23 percent reduction, and large hotels a 26 percent saving on their electricity bills when compared to January.

FortisTCI president and CEO Eddinton Powell said: “The company has closely monitored the decline in global fuel prices and is glad to see the reduction in cost from our fuel supplier that can now be passed on to our customers.

“The reduction in the cost of energy and the fuel factor will have a positive impact and provide further economic stimulus to our customers.

“While this means a reduction in electricity bills, customers must continue to manage their electricity consumption, especially as some continue to spend more time at home due to the pandemic, and as we enter the warmer summer months.”

The fuel factor is likely to drop 52 percent in July, 68 percent in August and 73 percent in September, while in October customers are likely to see an 80 percent decline over January.

The decline in energy costs comes as a result of the near historic drop in world market fuel prices this past March and April, a company statement on Thursday (June 11) explained.

“While the fuel supply chain presents a lag in effective prices, FortisTCI passes these reductions to customers as quickly as possible.”

The information provided is a projection and fuel prices may differ at the time of purchase as global crude and diesel commodity markets remain very volatile, the company added.

FortisTCI offered TCI customers a 30-day pause on disconnection and a 60-day pause on penalties to ease their financial burdens during lockdown.

However, the relief came to an end on May 31, when the company told customers to pay up or face late fees.

In February, the Government approved the power giant’s request for an increase in rates of 6.8, however, the company agreed to delay its introduction until June 30.