The PUC has announced its initial decision on electricity rates - and it's good news for consumers, probably better than you might have expected.
In December BEL proposed a reduction of 3.4% in electricity rates. Well, this evening the PUC announced that it has approved a reduction of 6.14% - that is close to three cents per kilowatt hour - which would go down from 44 cents to 41.3 cents.
It may not seem like a whole lot, but in a time when oil prices are high - it's quite a bit.
We stress, though, it is only an initial decision. If there are no objections from the state owned BEL - (and how could there be?) - or interested parties representing users of 10% of the electricity supply within two weeks' time, then the new rates will become effective the first of February.
The proposed new rate is expected to feature prominently in tomorrow's House Sitting - as it is seen as the final piece of the Prime Minister's pre-election populist package.
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