BELCO Rates To Increase On August 1st
BELCO advised that “following a lengthy collaborative evaluation process with the Regulatory Authority of Bermuda, energy rates will see an increase for all meters read on or after August 1, 2024.”
A spokesperson said, “The rate increase is in line with increases in similar jurisdictions and provides BELCO the ability to continue offering a safe and reliable supply of electricity.
“The cost of doing business globally has increased, particularly over the last 2 years. These increases have been broad-based and have affected the cost of items such as raw materials, the shipping and delivery of goods and financing costs. While BELCO continuously looks at ways to reduce its operational expenses, it is not immune to the challenges that a global inflationary environment presents, and it must continue to invest in the grid and other infrastructure to provide the safe and reliable electricity supply that Bermuda has become accustomed to.
“As part of Bermuda’s Regulatory process, BELCO has submitted its projected operational costs and capital expenditure for 2024 and 2025 to the Regulatory Authority of Bermuda for consideration and approval. While some capital projects were not ultimately approved, those that have been approved are related to ongoing investment in grid reinforcements and other projects that ensure reliability of supply to customers.
“The resulting increase is on base electricity rates and affects the energy charge and facilities charge on your bill. As a residential customer, this means the more energy consumed by a household, the more charges will be incurred.
“The breakdown of the exact rates and can be found on BELCO’s website at www.belco.bm.
“For a low-usage household whose consumption is 150-kilowatt hours per meter reading cycle, there will be an increase of approximately $7.00 to a monthly bill.
“For the average household whose consumption is 600-kilowatt hours per meter reading cycle, where the majority of Bermuda residential customers fall, there will be an increase of approximately $27.00 to a monthly bill.
“For a high-usage household whose consumption is 1,500-kilowatt hours per meter reading cycle, there will be an increase of approximately $86.00 to a monthly bill.
Managing Director, Transmission, Distribution & Retail [TD&R] Shelly Leman said: “BELCO is acutely aware that high electricity costs are a burdensome expense for many families in Bermuda, but BELCO remains committed to ensuring that we can reliably meet the energy demands of our customers while laying the foundation for transitioning to a sustainable energy future.
“BELCO offers a number of energy efficiency tips to customers who would like to take more control over their energy usage in order to help lower their bills. These include simple things like turning the TV off when no one is watching, reducing overcharging mobile devices and adjusting thermostats on air-conditioning. These are just a few tips that customers may want to consider. Any action taken to reduce energy consumption can help to alleviate the impact on your monthly bill. Additionally, BELCO also has a dedicated team to support customers who may be experiencing uncertainty. Those customers can reach out to the BELCO credit team on 295-5111.”
“BELCO customers can learn more about their bill as well as tips on energy efficiency and ways to reduce their bill at www.belco.bm.”
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