Minister of Public Utilities Marvin Gonzales at his ministry’s office in Port of Spain. Photo by Angelo Marcelle
T&TEC is almost complete with its review of the Regulated Industries Commission’s (RIC) new terms and conditions and will meet with the line minister to plan a way forward.
This is according to T&TEC’s chairman, Romney Thomas who provided a brief update to Newsday on Friday.
He said the commission’s board met on Wednesday and they expect to meet with Minister of Public Utilities Marvin Gonzales next week. He said after this meeting, he will be able to give word on when the public can expect to be informed of their decisions.
In the meantime, he said the commission is making arrangements to switch to the monthly billing cycle as mandated by the RIC.
On October 20, the RIC announced an increase in its maximum electricity rates that T&TEC is allowed to charge customers for the period 2023- 2024. The new rates are between a 15 and 64 per cent increase for residential customers and between ten and 126 per cent for commercial and industrial customers.
If the commission decides to set its rates at the maximum limits, RIC executive director Dawn Callender said during the announcement, it could see a 50 per cent increase in its annual revenues which translates to $1.6 billion.
The new terms and conditions, which will be effective on November 1, allow for an annual review of rates. If the commission wishes to change the rates, the new terms require that it inform the RIC three months in advance and the public be given 21 days’ notice.
The new terms and conditions now mandate T&TEC to move from a bi-monthly billing cycle to a monthly one.