RIC recommends 15-64% increase in residential electricity rates

The Regulated Industries Commission (RIC) has recommended an increase in electricity rates and service charges for Trinidad and Tobago Electricity Commission (T&TEC) customers.

The RIC has also recommended that customers be billed on a monthly cycle instead of the existing bi-monthly cycle.

Customers will also be billed under a four-tier rate system instead of the previous three tiers.

There will be rate increases across every tier.

Based on the kWh consumption, at tier one, customers will pay a tariff of $0.28 per kWh (previously $0.26); at tier two, customers will pay $0.40 per kWh (previously $0.32); at tier three, $0.54 per kWh (previously $0.37); and at tier four, customers will pay $0.68 per kWh.

The RIC said the new rates for residential customers amount to an increase of between 15 per cent for low-consumption users and 64 per cent for high-consumption users if applied by T&TEC.

Customers will also now pay $7.50 monthly in customer charges as opposed to $6 bi-monthly previously.

Business customers will also receive an increase.