Barbados’ lone electric utility has served notice it wants an increase in electricity rates. The Fair Trading Commission (FTC) on Thursday revealed it was notified by Barbados Light & Power Company Limited (BL&P) that it intended to submit a formal rate application by June.
BL&P confirmed the development, but said it was “exploring the possibility of applying for a rate review in the latter part of 2019”. The company sought its last such increase about ten years ago and rate increases were introduced in early 2010.
“The Fair Trading Commission has been advised by the Barbados Light & Power Company Limited (BL&P) that the company will submit a formal rate application in the second quarter of 2019. As such, technical assistance will be required to support the Commission in undertaking its review of the application, relevant research and drafting of its decision on the matter,” the FTC announced.
The regulator said consultants “will be required to submit a proposal by Monday, January 28, 2019” and it would “evaluate the proposals and will advise parties of its decision by February 15, 2019. (SC)
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