FTC says no to power company
BARBADIAN CONSUMERS WILL not be stuck with the bill for Barbados Light Power’s (BL) attempts to hedge international oil prices.
The good news came yesterday following a decision by the Fair Trading Commission (FTC) to reject an application from the power company to pass on the costs associated with its attempts to buy fuel in large amounts at a fixed price in order to protect BL from frequent shifts in the commodity price.
In its ruling, the FTC told the power company’s top brass they had failed to present a convincing case to the quasi-judicial body why it should add the hedging costs on to the fuel clause adjustment component of consumers’ light bills.
The fuel clause adjustment was designed to help BL recover the money it spends on fuel and is not meant to be a profit-making activity. (GE)
Please read the full story in today’s Weekend Nation, or in the eNATION edition.