T&TEC CEO: Consumers concerned with upcoming rate increase

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T&TEC CEO: Consumers concerned with upcoming rate increase

The public is concerned with the timing of an upcoming rate increase by the Trinidad and Tobago Electricity Commission.

This is according to T&TEC’s CEO Mr Curvis Francois.

Over the past year, the Regulated Industries Commission (RIC) has been reviewing the T&T Electricity Commission’s (T&TEC) business plan for 2022-2026 which proposed stiff rate increases of 40 to 65.75 per cent for residential customers and 128.5 per cent rate for commercial and industrial customers.

T&TEC proposed to have the increase staggered over a five-year period for residential, commercial and industrial customers.

The RIC’s proposed rates are an adjustment of between 15 and 64 per cent for residential customers, 51 and 63 per cent for most commercial customers.

The RIC embarked on a 12-week public consultation in the first quarter of 2023.

Francois spoke with the Power Breakfast Show this morning and revealed that his feedback from consumers is that they believe this is not the right time for an increase in electricity rates.

He was asked on a timeline if the Cabinet approves RIC’s rate recommendations in terms of when consumers will begin paying the new rates.

He said that once the new rates are approved by Cabinet T&TEC has a legal mandate of 21 days before the changes can be implemented.