Roban: BELCO “Rate Hike Is A Severe Blow”
“Outrageous and disheartening news,” said the Deputy Premier and Minister of Home Affairs Walter Roban today following the Regulatory Authority [RA] announcement [PDF] that “customers will be slapped with an average 8% increase to their electricity bill following BELCO’s request for a 28% increase in electricity rates.”
The Minister said “This rate hike is a severe blow to hardworking Bermudians struggling under the crushing weight of high costs. The global events driving up the cost of electricity are undeniable. Still, the RA’s decision to increase rates, following the request from BELCO will hit families hard, forcing many to make even more sacrifices to keep the lights on.
“Despite BELCO not receiving the total 28% increase they brazenly requested, the RA’s approval of a $35 million modification to BELCO’s revenue allowance, which is lower than the $59 million sought, still imposes an additional burden on the average consumer.
“The insistence on maintaining Bermuda’s long-term sustainability and reliability at the expense of its citizens’ immediate wellbeing is a bitter pill to swallow. The RA’s actions, under the guise of future investments, show a blatant disregard for the current suffering of many in our community.
“Earlier today Cabinet discussed this latest increase, and the Government will take action to reduce the impact of this BELCO increase on Bermudians.”
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