Electricity costs set to decrease from January 1 in Bermuda – CARICOM Business

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Effective January 1, 2023, electricity tariffs in Bermuda are being reduced by a weighted average of 1.7% across all customer groups.

According to the Regulatory Authority “average residential rates will decrease by 0.25%, commercial rates by an average of 1.9%, and demand – larger users – rates, by an average of 3.7%.” The RA has allowed for tariff
adjustments in accordance with fuel costs.

“The cost of fuel is recovered through the Fuel Adjustment Rate (FAR). The FAR reflects the total cost to deliver fuel to Belco’s central plant and is comprised of 2 parts – the fuel adjustment and Bermuda Government taxes on fuel.

“The FAR is approved by the RA on a quarterly basis and has decreased from 16.874 cents for the period of October to December 2022 to 14.304 cents for the period of January 1 to March 31, 2023.

Extract from the CARICOM BUSINESS Newsletter, Vol 5. No. 51

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