Minister Supports RA’s Fuel Adjustment Rate
“The high cost of electricity is a challenge to all of Bermuda”, said the Minister of Home Affairs Walter Roban. “And so the Ministry of Home Affairs fully supports the Regulatory Authority’s [RA] recent decision and announcement that effective October 1, the fuel adjustment rate [FAR] has been reduced by just over 16% to $0.16874/kWh from its current rate of $0.2012/kWh.”
”We understand that the global price increases have posed a significant challenge for Bermuda’s residents. This reduction in the fuel surcharge and lower rates will bring welcome relief for residents and businesses who will see reductions in their October 2022 bills. This lower rate will be in effect through December 31, 2022.”
“The Q4 2022 FAR Report comes from the RA’s quarterly or 3-month analysis that is used to make adjustments based on the global price of fuel,” a spokesperson.
The Q4 2022 FAR report follows below [PDF here]:
