CHAIRMAN?OF THE Fair Trading Commission (FTC), Sir Neville Nicholls, says it will shortly embark on a public information campaign to clarify issues arising out of the 2009 electricity rate hearing and recent complaints from consumers over sharp increases in their bills.
Sir Neville said when the regulator granted the Barbados Light & Power Company?Limited a rate of return on its rate base of 10 per cent instead of 10.48 per cent as requested, it was not on the electricity rates.
“There are a lot of ill-informed comments on the increases in electricity bills,” he told the DAILY NATION. “We are hoping to set the record straight as to what caused the increases.
“The thing is, for example, there have been statements that the Fair Trading Commission approved a 10 per cent increase in electricity rates. That is absolutely incorrect. We did no such thing.
We approved a revised rate schedule that was designed to enable the Light & Power Company to earn a rate of return of 10 per cent on its rate base; that is the value of the asset which consists of equipment, generating plants, [and so on]. (MM)
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