The RA will stand by its original provisional decision on the Fuel Adjustment Rate [FAR], Minister Roban said, adding that “therefore legal action must be considered to address this decision” as the increase “is not in the public’s best interests” and “does nothing but cause hardship.”
BELCO previously advised that “with the approval of the Bermuda Regulatory Authority [RA]” beginning on October 1st, 2023 there will be an increase in the FAR, which will cause an increase in everyone’s electricity bills.
Minister of Home Affairs Walter Roban, explained, “Yesterday, I suggested to the RA a possible option for their consideration which would bring some relief for a period of time following the increase of the FAR. I have since been informed that the RA has rejected any change to the provisional action, nor will it consider any other options, and it will stand by its original provisional decision on the FAR, as outlined on September 27th.”
“Therefore, legal action must be considered to address this decision. This increase is not in the public’s best interests, and this decision does nothing but cause hardship.
“The ripple effect will be massive, stifling job growth and economic recovery, hitting seniors and hardworking families hardest and discouraging investment in tourism development at a critical time.”
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