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.”
Read More About
Category: All, News, technology
Well…… let me figure out how not to be further economically enslaved on Emancipation Day !
belco u suck
“The rate increase is in line with increases in similar jurisdictions”
But the rate of inflation in Bermuda has been less than that of most of the rest of the world for at least the last 2 years. Our Minister of Finance keeps saying so.
On the basis that our inflation rate has been less than that of most of the rest of the world this appears to be a pure money grab from Bermudians and residents who are already struggling.
BELCO is significantly overstaffed compared with utilities in other jurisdictions. The could (and probably should) cut staff to reduce their costs, but government would object to that too.
BELCO have a license to be as inefficient as they want and the customers pay regardless. Shareholder minimum profits are garaunteed with any maximum profit limit.
Bermuda is in a mess
Everything is a Money grab since COVID losses. Inflation is a manufactured excuse to do so
“Inflation is a manufactured excuse to do so”
Actually, one can argue that inflation reflects many different considerations, but at its core inflation reflects the time value of money. It is not “manufactured”, rather it reflects the expectations of the majority of people who are financially invested in the economy.
Still a money grab no matter how you explain it. If my investment is lacking returns then I go up on the prices to recoup. This kind of inflation does really reflect the market price of goods and services.
It’s manufactured
Take losses like everyone else
“Take losses like everyone else”
You want Belco to go bankrupt?
No that’s not what I’m saying. Just like the consumers loses money from their income belco shareholders should except lower profit margins (not bankruptcy) until the market becomes more favorable. Because thats what the increase is really paying for
Here is an absolutely golden opportunity for the Government to implement my suggested mass hot water heater purchase and installation program. Naturally, politicians will take credit just like they did with my mass LED bulb purchase program.
Announce the approval and upcoming implementation of the program, then call an election.
Correction: …mass hot water heater TIMER purchase…
Who needs a hot water heater to heat hot water?
Just asking.
“Who needs a hot water heater to heat hot water?”
Someone who’s obviously never heard of word redundancy .. lol
Good point. People could shower together using cold water and rub against each other to keep warm.
Or they could call the device that heats water a “water heater” or “boiler” and drop the initial word “hot” in “hot water heater”
Boiling a pot of water makes that pot a hot water heater.
For those of you who may know me as an admirer of traditional Bermuda Architecture.
May I extend to you all an invitation the visit “Carter House ” now a museun on the main road to on the way to clear water beach St David’s Island the beautiful building was built many year before B.E.L.Co.
Our home has many of the features as Carter House the man in the street would hardly notice and much less appreciate.
“Carter House” in all its elegant and charm was built as a simple structure from all the was available from the land using simple tools a wheel barrow also a horse and trap the energy was one hose power nothing went to waste the sand an lime for painting and plastering and roof slate came out of the ground the wood from cedar trees near by.
Here is where it all get very interesting where the forces of nature plays a big part as gravity was used to supply WATER from an out side tank
HEATING for the entire house from a ground floor fire place.
COOLING most of the windows had top hung blinds the roof pitch was high to catch extra waner and cool the roomsto keep the hot sun out
LIGHTING from whale oil lanterns.
You get up from the crow of the rooster and went sleep the same time as the horse ,and so on, that is living with nature ! with no power bills.
I have and many others been doing allot complaining recently and that get us no where, realy .
Tell me what are we going to do if the cruise ship don’t come here.
Our only solutions are conservation and innovation are and if you can remember hurricane Emily. We all made do we have done it before.
Her is a short to do list .
Make virtical wind belt drive generator.
Run a water wheel for power in the rain.
By yesterday news paper or talk to your neighbour gossip travels fast .
Rope and bucket to dip water nobody will survive ,with out liquid gold / water .
Get into the Rooster renting business or a wind up clock set for 5.30 AM.
Go swiming often, or only if you have to.
Install a clothes line and a prop.
Go bare foot.
You have go to wear a hat .
get rid og the cell phone .
Grow your own vegetable garden or a plant pot garden 10 carrots in a 5 gallon pail works .
Have some chickens and sell the eggs .
Bury the money in the garden 49 stepsS.W. of the front door
Get 4 push bikes.
invite friends arround for Sunday Lunch they bring the food a basket of food
Go to the bring and by sale at the church.
install 400 ft x 1/2″pipe under the center of the drive for hot water.
paint all the walls white to keep the house cool in summer
Get a wind turbine.
take singing lessons you will no nee a rain.
teach piano lessons .
Get a job at B.E.L.Co.
you will never know what happiness is till the tears of joy from hard work rolled down your cheeks.
keep bees for honey.
trade stuff with your neighbors
Get rid of the T V and replace it with a musical instrument.
walk to work
hang a short rope out side the kitchen do so you know when it blows or its raining
Live to 101 of for ever if you want
ages a goat to cut the grass. you dont need a pig just yet.
Buy a hoe to plant the garden
Get 9 Ducks
Make your own clothes from feed bags
install a 4′x4′ heater box paint black to heat the house
Become a pen pall with ber news