The Grenada Electricity Services Ltd. (GRENLEC) is pleased to note that lower fuel prices on the world market have significantly lowered the cost of electricity.
In January, GRENLEC announced a fuel rate of $0.4759/kWh or unit. This means customers are paying the lowest fuel charge since November 2010 when the rate was $0.4638/unit.
Commenting on the good news for customers, Collin Cover, General Manager, indicated that the regulations governing electricity have allowed GRENLEC to pass this benefit from lower world fuel prices directly to customers.
“From January 2011 to December 2014, fuel charge varied between $0.50/unit and $0.68/unit. Between December 2014 and January 2015 alone, our customers have seen more than a six cents decrease in the fuel charge for each unit of electricity”.
The effect on fuel prices is being seen globally. As they have seen at the gas pumps, GRENLEC customers have been experiencing noticeably lower electricity costs as a result of the lower fuel charge.
Cover went on to say, “We continue to urge customers to conserve, even though the fuel charge has decreased. While we cannot predict if these lower world fuel prices will be sustained in the medium or long-term, we are happy for the respite that our customers are enjoying at present”.