The Fair Trading Commission (FTC) has thrown out the Barbados Light and Power Company (BLPC) request to vary its February 15, 2023 decision on its rate hike application.
Speaking at a press conference on Monday afternoon, chairman of the FTC rate hearing Dr Donley Carrington also announced that the final electricity rates will therefore be made known to public before Christmas.
Among other things, the FTC ruled in February that the BLPC would not be granted the 8.79 per cent rate of return it was asking for. Instead, the company was given 7.47 per cent and Dr Carrington said on Monday that would remain. The stay on the orders which the company must carry out that were also issued in February have now been lifted.
“The commission will now formally review the applicant’s compliance filing, require amendments as is necessary, and thereafter issue the final order outlining rates,” Dr Carrington told reporters at the FTC’s Green Hill, St Michael headquarters.
The interim rates granted earlier will continue until the final order is determined. (EJ)
More to come in our Monday e-paper.