File photo of T&TEC
T&TEC’s executives were expected to meet on Friday to discuss the new terms and conditions laid out for the electricity commission for 2023-2027 by the Regulated Industries Commission (RIC).
This was revealed by chairman Romney Thomas, who deferred comment on plans until further analysis could be done. On Thursday the RIC announced new terms and conditions for the electricity company.
Among changes were a switch to a monthly billing cycle and an increase in maximum rates for all customers for the first time in 17 years.
While the complete list of changes will become mandatory for T&TEC from November 1, RIC officials said the electricity utility will have the autonomy to manage the transition process in billing cycles in the way it believes is most apt.
They also said while the RIC announced the new rates, the electricity commission can set the price wherever it chooses, once it is lower than the rates given. The rates given by the RIC are a price ceiling.
The RIC has increased rates between 37 and 51 per cent for small businesses (B1) and ten and 12 per cent for larger businesses (B2), paying commercial rates. It also increased rates between 58 and 72 per cent for class D industrial customers, and 119 and 126 per cent for class E, industrial customers.
If implemented at the maximum rate, RIC executive director Dawn Callender said on Thursday, T&TEC can expect a 50 per cent increase in revenue collected over the next year, moving from annual revenues of $3.2 billion to $4.8 billion.