Grenlec announced on Tuesday that its fuel charge to customers was further reduced to $0.3315/kWh (unit) in October 2015.
This latest reduction represents a 27 cent or 45.3% decrease in fuel charges compared to October of 2014.
The current rate is at its lowest level since June 2009.
In addition, the company has applied for a 2.35% decrease in the non-fuel charge effective January 1, 2016.
Grenlec’s non-fuel rate was lowered by 3.2%, effective November 1, 2014.
This is the second non-fuel rate reduction in 12 months in compliance with the current Electricity Supply Act, which represents the regulatory process in place to facilitate rate changes.
In total, the combination of fuel and non-fuel charge reductions has resulted in a price decrease of 23.7% in the past 12 months.
Over the last 21 years since privatisation of Grenlec, the non-fuel rate has decreased 26.7% when adjusted for inflation based on the regulatory requirements for electricity rate adjustments.
Customers are seeing significant reductions in their monthly bills as world fuel prices have continued to decrease since August 2014.
This, coupled with Grenlec’s high standards for system performance and operational efficiency have resulted in welcome savings for customers.
“We work hard to improve efficiency here at Grenlec and continue to encourage our customers to use electricity wisely to help manage energy costs. We are also happy that the regulations governing electricity rate changes allow us to quickly pass on fuel price savings to our customers” said Collin Cover, Grenlec’s General Manager and Chief Executive Officer.