RIC reviews WASA, T&TEC rates

THE Regulated Industries Commission (RIC) in a statement on Tuesday said it has begun the price review process for the Water and Sewerage Authority (WASA.)

The first phase of the process starts with the release of the RIC’s Information Requirements: Business Plan Document which specifies the information which each service provider must submit in order for the RIC to do the review.

The RIC will then publish its framework and approach document, giving broad details of the process the RIC will follow in conducting the review.

The second phase includes the release of consultative documents which will present the RIC's views on key areas that impact various aspects of rate determination, such as quality of service.

The third phase entails the RIC reviewing business plan/pricing proposal of the relevant service provider and then issuing its draft determination for public consultation.

The RIC will conduct open public consultation sessions during this period.

Finally, the RIC will review all comments and concerns raised during the public consultation, and then publish its final determination.

Under the RIC Act, No. 26 of 1998, the RIC has the legal responsibility and authority to determine rates and tariffs for T&TEC and WASA.

The RIC also has a duty to consult with service providers and consumer interest groups.

As an impartial and independent body, the RIC remains committed to fulfilling its mandate of protecting consumer interests while ensuring that the service provider has adequate resources to provide a reasonable quality of service to all customers.