Gonzales: T&TEC rate increase unlikely this year

Minister of Public Utilities Marvin Gonzales -
Minister of Public Utilities Marvin Gonzales -

Public Utilities Minister Marvin Gonzales said it is very unlikely that electricity rates will be increased this year.

He also confirmed that the Cabinet is still considering electricity rate increases proposed by the Regulated Industries Commission (RIC).

The commission last month revealed its final determination on the terms and conditions for the TT Electricity Commission (T&TEC). The RIC's determination was for an increase in the price ceiling for electricity rates between 12 and 126 per cent, depending on customer type. It is also proposing a change in the billing cycle from bi-monthly to monthly.

Speaking to reporters after the opening ceremony for a TTPost delivery office and records management facility on Tuesday, Gonzales said a cabinet sub-committee is currently evaluating the RIC's proposals.

"As minister, my responsibility is to make sure all of the details and all of the information that is required by the cabinet sub-committee is presented to them so that we can make a decision as quickly as possible," he said.

"But based on the process, I don't anticipate, as I've indicated in a recent interview, that this can happen, meaning the implementation of the rate as approved by the RIC, I don't think that that can happen before the end of 2023."

Although the RIC said T&TEC will have the ability to decide how it implements the changes, Gonzales said it was unlikely that changes would be rolled out in a phased basis.

"They must happen at the same time. So that is what to check also needed some time because they have to look at their systems and all of these adjustments, internal adjustments would have to be made before and that's why I'm saying that this certainly cannot happen by the end of 2023."


"Gonzales: T&TEC rate increase unlikely this year"

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