TT Chamber CEO urges caution over proposed electricity rate increase

Chief Executive Officer of the TT Chamber of Industry and Commerce Stephen de Gannes says he remains concerned about the potential socio-economic fallout of the Regulated Industries Commission's proposed rate electricity rate increase across residential, commercial and industrial uses.

Contacted for comment on Thursday afternoon, hours after the commission held a press conference to announce its proposed rate increases, de Gannes said, “If the increase is too high and takes place too soon, business' operational costs will escalate and the cost may need to be passed on to the consumer.

"Increased expenses can also hamper operations with regard to upgrades and other reinvestment or expansion plans.”

However, the chamber CEO also acknowledged the country's historically low electricity rates when compared to other Caricom countries.

“We understand the need to periodically increase rates, but we vehemently wish to state that such increases cannot be unreasonable to the point where it can impact the growth of business, the comfort or the survivability of our people.”

De Gannes said the chamber is actively formulating suggestions to address this issue, which will be presented to Finance Minister Colm Imbert and other stakeholders.

He said these proposals will be shared in due course, highlighting the importance of collaboration among all parties to ensure the long-term prosperity of the nation.

"Times are changing and we all need to adapt and it is to be expected that there will be an increase in energy costs as we face the fallout from being an oil and gas-rich nation."

De Gannes encouraged the public to express their concerns to their parliamentary representatives. He stressed the necessity for a reasonable and responsible increase that considers the welfare of the people.