Regulated Industries Commission has unveiled the long awaited electricity rate increases.

And for residential customers, they are in keeping with the 15% to 64% increases outlined previously in the R.I.C.’s draft.

The details were outlined at a media conference held this morning at the Hilton.

The R.I.C. says the adjusted rates are for the period 2023-2024.

 

 

RESIDENTIAL CUSTOMERS

For residential customers, there were changes to the consumption tiers, as well as the rates for 2023 to 2024.

Instead of three tiers, there will be four, while the billing system will switch from bi-monthly or every two months, to every month.

R.I.C. Executive Director Dr Michelle Salandy revealed the new, increased charges under the adjusted tiers.

The rates announced are in keeping with the 15% and 64% increases outlined in the R.I.C.’s Draft Determination.

 

So how will this affect the bill for a residential customer?

Using a reference bill, Dr Salandy explained how persons can go about calculating their bills with the changes in tiers and rates.

 

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COMMERCIAL AND INDUSTRIAL CUSTOMERS

Dr Salandy also outlined the new rates for Commercial and Industrial customers.

 

 

 

 

 

 

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WHEN WILL THE NEW RATES COME INTO EFFECT?

The new rates and billing frequency will only become effective once notice is officially given by T&TEC, which must first go through its own process.

T&TEC is also required to give at least 21 days notice before the implementation of any rate changes.

Meanwhile, Dr Salandy revealed that these charges outlined by the RIC are the maximum rates that T&TEC can charge.

As such, she says the company can actually choose to charge less than what is outlined.

Also, the rates outlined today are for the period 2023 – 2024, with annual tariff adjustments exercises to take place every year for the remainder of the regulatory period, which runs until 2027.

The RIC’s Final Determination document will be publicly available from November 1st.