Barbados’ lone electric utility is not in favour of sharing with its customers the cost of any fuel hedging programme it enters under the Fair Trading Commission’s (FTC) oversight.
In a recent decision, the regulator ruled that such expenditure would be shared equally between Barbados Light & Power Company Limited (BL& P) and its customers via the Fuel Clause Adjustment (FCA).
However, BL& P has notified the FTC that it wants this decision reviewed and varied because it would otherwise be “introducing a speculative, profit-making element to the fuel charge, which distorts the nature and function of the FCA”.
The company confirmed this in a statement to the DAILY NATION.
“The Barbados Light & Power Company requested that the FTC review one specific element of the fuel hedging decision regarding a 50/50 cost-sharing arrangement between Light & Power and customers in relation to the hedging administrative costs and any gains and losses associated with the hedging programme,” it said. (SC)
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