BIU ‘Seriously Concerned’ Over FAR Increase
The Bermuda Industrial Union [BIU] said they “have serious concerns about BELCO’s latest increase in the Fuel Adjustment Rate,” stating that “this increase will adversely impact the disposable income of each family in Bermuda” and “the cost of living in Bermuda continues to spiral out of control.”
A spokesperson said, “While we understand that businesses have the right to operate and make decisions in the best interest of their shareholders and overall bottom line, we have serious concerns about BELCO’s latest increase in the Fuel Adjustment Rate, which equates to a 48.45% increase.
“The Regulatory Authority has attempted to justify their approval of this increase, but we would ask that they share the data that they have used to justify their position. A quick look at this chart has a barrel of oil priced at $80.11 in July 2023. For 11 months a barrel of oil has been under $100, so even if a barrel of oil was now $100, that still equates to a 25% increase.
“It is also unfortunate to learn that this increase in prices for their customer base coincides with a decrease in the amount of money BELCO will pay to electricity generators [i.e., owners of solar panels] for energy that they put into the grid. In 2018, the Feed-In-Tariff rebate allowed those with solar panels to earn 0.2265 cents per kilowatt-hour which has now been reduced to 0.131 cents per kilowatt-hour. This is a 42% decrease in earnings for those who have chosen to invest in a cleaner future.
“BELCO monopolizes the supply of energy in Bermuda. This increase will adversely impact the disposable income of each family in Bermuda. As we enter the winter months where families would expect to see a decrease in their electricity expenses, it will either be the same or more. The cost of living in Bermuda continues to spiral out of control. As a country, we cannot continue to operate this way; families cannot continue to be put in predicaments where they must choose between essential items that are needed to survive.
“We urge Bermudians to stand against irrational price gauging, and to hold those whom we put in positions of power accountable for their decision-making – Especially when they have detrimental effects on the livelihoods of so many families.”
“the cost of living in Bermuda continues to spiral out of control.”
Inflation is only around 3%. The Premier says so.
“We urge Bermudians to … hold those whom we put in positions of power accountable for their decision-making”
Now that I can get behind!
For the BIU, does BELCO use Brent crude oil? And if so, what about it actually getting to Bermuda?
BELCO TRYING TO RECOUP MILLIONS THEY SPENT ON ALL THE POLLUTION TO PEOPLES ROOFS, WATER TANKS AND REFITTING THEIR NEW NORTH POWER STATION! They WILL MAKE US PAY! WAKE UP!!!! Algonquin has lost a lot of money! They don’t care if they financially ruin Bermuda.
Who allowed this takeover of BELCO? Who is their local poster boy – Caines. No wonder Pimentel “left”
30-6 got you all a 48% increase on your bill that was already super high and more than you likely ever paid under the big bad OBA? Keep celebrating the win. You won the battle but lost the war! And to add insult to insult to injury we are all paying a fee in our bills BELCO , TELCO , INTERNET, FUEL, CELL etc… to the regulatory authority, the same group that authorized this 48% increase and deemed it acceptable! Were they sleeping on the job or just did not care to do the job we all pay them to do? Are they just a moneymaking collection agency that no longer has to answer to anyone and just has BELCO , BTC, ONE, Digicel and others collect their RA fee and transfer their money. By the way, who regulates the RA? We don’t even know who the current board is? Their website has not been updated and still shows people on the board that were replaced or stepped down.
Algonquian may own BELCO , thanks to the PLP, but Caines is the man in charge. He has a few options.
1) As a man who presents himself as a leader, is an MP and CEO of BELCO he could stand up against Algonquin Board and the R&A.
2) If they are doing what he deems to be immoral or unethical he should want no parts of it, and resign. His F&F will get him a job quick.
3) Keep quiet, collect ya $$$$ and remember the words of his mentor ” this to shall pass”
People, remember this when you hear Wayne or Chris defend BELCO increases, just remember all BELCO staff get at least a 30% discount on their BELCO Bills. Not sure if upper management get more! But everyone knows someone that work at BELCO that can answer this. So, on top of their big paychecks our 48% increase is subsidizing their 30% discount. 30-6
“Algonquian may own BELCO , thanks to the PLP, but Caines is the man in charge.”
Do you really believe that?
If Caines isn’t the man in charge at BELCO, somebody needs to tell him and somebody might want to tell BELCO because he is being paid to be.
Burt managed to hold down the price of gas at the pumps for most of 2023. Why can’t he do the same here?
BIU is seriously concerned! LMAO! Where is the BIU / Peoples Campaign nonpolitical, political group that magically disappeared the minute the PLP gained power? BIU / Peoples Campaign was marching, protesting and downing tools every few weeks for much less? BIU might show up at the demonstration but it will be more for press and appearance than anything else. If Furbert is there, he will have the podium and mic for sure!
ALL BELCO PEOPLE AND SHAREHOLDERS GET 30% PLUSSSS WHATEVER OFF THEIR BILLS. MAKE OF THAT WHAT YOU WILL. DON’T EVEN ASK ABOUT THE SICK DAYS AND VACATION DAYS THESE GUYS GET