FortisTCI Requests Independent Inquiry For Proposed Electric Rate Increase
FortisTCI, the leading electricity provider in the Turks and Caicos Islands, has taken a significant step in its proposed electric rate increase process by requesting the appointment of an independent inquirer. The request, submitted to Her Excellency the Governor, marks a crucial phase in the rate review process outlined in the Electricity Ordinance.
The Company’s submission proposes a 6% rate increase across its service territories, citing the need to expand the electricity system and maintain reliable service amidst the growing demands of the Turks and Caicos Islands economy. This move comes after FortisTCI submitted its proposal to the Governor on February 14, 2024, which was supported by substantial information.
In accordance with the rate review process, Her Excellency the Governor requested additional information through the Energy and Utilities Commissioner, which FortisTCI diligently provided. The Company emphasizes its commitment to transparency and accountability, welcoming an open and independent examination of its proposed rate revision.
FortisTCI underscores the importance of revised electric rates in supporting its responsible investment strategies and ensuring the continued delivery of reliable electricity services. Despite efforts to maintain stable rates, external factors such as high inflation and interest costs have exerted pressures on the Company’s operations, necessitating a comprehensive review of electric rates.
Notably, this marks only the second general rate review requested by FortisTCI in the past two decades. The previous review, conducted after Hurricanes Irma and Maria in 2017, resulted in a rate increase granted by an appointed Inquirer, who deemed the Company’s request necessary and reasonable. The Inquirer’s report also commended FortisTCI for prudent cost management and operational efficiency.
To engage with customers and address concerns, FortisTCI plans to conduct information meetings across the islands, providing opportunities for dialogue and clarification on the proposed rate revisions. The schedule of these meetings will be disseminated through the Company’s social media channels, reaffirming its commitment to transparency and customer engagement.
As FortisTCI navigates the rate review process, it remains steadfast in its dedication to providing reliable electricity services while ensuring accountability and responsiveness to the needs of its customers and the community at large.
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