THE FAIR TRADING COMMISSION (FTC) is getting the thumbs up from the Barbados Renewable Energy Association (BREA) for denying the Barbados Light & Power Co. Ltd (BL&P) permission to engage in fuel hedging.
President of the association Aidan Rogers said the FTC was correct to rule against hedging given uncertainty about the impact on consumers.
“The case brought by the utility company did not adequately address the risks to consumers as far as higher prices are concerned. Crude oil prices have been extremely volatile this year and the Commission was correct in requiring several details associated with consumer protection,” Rogers, an attorney at law, said in a release.
Last March, BL&P applied to the FTC for permission to pass on the costs to customers, but the Commission said it reviewed the submissions of five interveners as well as its own investigations before turning down the application. (JS/PR)
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