MP Padarath: Electricity Rate HIKE ‘Unbearable Burden’ — RIC Proposes 124% Increase By 20285/4/2024 Princes Town MP, Barry Padarath, said that the contents of a report in yesterday’s Business Guardian (Thursday 4th April, 2024), headlined ‘RIC Recommends Doubling of Electricity Rates by 2028,’ is “deeply troubling and worrisome for the people of Trinidad and Tobago.” The MP said that this development comes at a time when the cost of living is already so high in the country and against the backdrop of property tax, higher water rates, high food prices and high unemployment.
The current bi-monthly bill for the average residential household could more than double (124% increase) by 2028, if the Cabinet accepts the recommendations of the Regulated Industries Commission (RIC) in its entirety, according to Guardian Media estimates. Residential electricity bills are projected to increase by between 105% (200 kWh per month) and 229% (5,000 kWh per month) across the board, depending on electricity consumption. For example, a customer using 940 kWh every two (2) months (or 470 kWh per month) pays the Trinidad and Tobago Electricity Commission (T&TEC) $318 every two (2) months, including VAT, at this time. That would work out to be $159 a month, if the RIC recommendation for T&TEC to issue bills on a monthly basis, instead of every two (2) months, is accepted. By 2028, the same average customer, still using 470 kWh, would pay T&TEC around $356 a month, which is 124% more than the $159 monthly equivalent. This adjustment arises as residential consumers are moved to pay cost-reflective prices by the end of the RIC’s second 5-year control period (PRE2). In a Media Release today (Friday 5th April, 2024), MP Padarath, who is also the Opposition Shadow Minister for Public Utilities, called on the Government to say whether they intend to remove the subsidy on gas that T&TEC purchases for its operations. He added that this has been a question that he has been raising for quite some time, yet the Government has been silent on the matter. MP Padarath stated that it is the Cabinet that sets the price that NGC charges T&TEC for natural gas and once the subsidy is removed, it would drive the cost of electricity up exponentially. He said yesterday’s Business Guardian article stated that “a median household’s residential bill would instead increase as much as 204% if the NGC were to un-subsidize the price of natural gas by 2028.” The Princes Town MP stated that the Government needs to tell the population if this is part of the plan for T&TEC ahead of the next General Election. He added that the citizens must know what they are getting themselves into. The MP stated that the Government was stalling the recommendations of the RIC at the Cabinet in an effort to brace fallout ahead of the next General Election. MP Padarath indicated that the population could not “continue to sustain additional taxes and higher utility rates on an additional three (3) dollars increase in minimum wage.” He further stated that the article clearly pointed out that over 1.4 billion dollars was still owed in outstanding receivables to T&TEC by the State, which compounded T&TEC’s financial situation. The Princes Town MP stated that the Opposition would resist all moves inside and outside of the Parliament to increase utility rates at this time in the country. He called on citizens to stand their ground with the Opposition and added that the Government needed to be “upfront with citizens on their intention regarding the gas subsidy to T&TEC.” He pointed out that once electricity goes up then everything else would go up, therefore further burdening citizens. More on this as it becomes available. [Sources: UNC | T&T Guardian] We are a small operation. If you've found our articles to be informative, please consider supporting us via PayPal or buying us a coffee. Your contribution is incredibly appreciated and goes a long way. Simply sharing our articles also helps us. Sign up for our free WhatsApp Alerts to be notified as soon as we post breaking news. NEW! Check out our Merchandise Store for high-quality t-shirts, hats and more!
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