Sando Chamber expresses grave concern over proposed electricity hike

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Sando Chamber expresses grave concern over proposed electricity hike

President of the Greater San Fernando Area Chamber of Industry and Commerce (GSFCC), Kiran Singh, is asking where people are going to find the money to meet the proposed increased costs in electricity rates.

The GSFCC met with the Regulated Industries Commission in a closed door consultation on Tuesday.

Singhsaid, “The rates they are proposing is in the range 74 to 77 percent. This chamber—and I am very aware that other chambers and other organisations have been expressing some grave concern, not just us—is wondering where are people going to find the money to meet this increased cost?

In an Express interview, he said: “For instance, if your bill is $50,000 for the month in the industrial bracket, it means your bill is going to go up to almost $90,000 overnight. That is the reality, it’s almost double. Where are people going to get this money? We can’t pass it on to somebody else. We still have other expenses; insurance, other utilities, impending property tax. It’s high.”

“The RIC has not implemented a rate increase for TTEC, two periods have elapsed since they were supposed to do that rate review so of course we’re not complaining about that… But who increases the cost of a good or service by almost 100 percent overnight? There is no preparation. There is no time to prepare financially to meet that increase. And while we’re talking about the Dragon gas deal and we have projected revenue streams that will come in and of course we’re excited about that, but to monetise that is going to take some time. It’s not going to happen in the short term by any means. While the grass is growing, the horse is starving,” he added.

Singh said the rate increase will also cause industrial customers to carry a heavier burden since they already have to pay a reserve capacity cost.

“It is creating a lot of worry within the society and we really, really hope that there is some delay even before starting a prorated increase in the rates.”