Hashtag: #2023FARIncrease
RA Approve Reduction In BELCO FAR Rate
[Updated] The Regulatory Authority [RA] announced the “approval of a reduction in the Fuel Adjustment Rate [FAR] from the existing rate of 24.5 cents per kilowatt hour [kWh] to 18.4 cents per kWh, effective January 1st.” A spokesperson said, “This decision follows a comprehensive evaluation of BELCO’s 2024 Q1 FAR submission indicating... Read more of this article
Stakeholders To Cooperate To Reduce The FAR
Representatives from the Government, Regulatory Authority, BELCO, and SOL Petroleum held a meeting to “address the pressing issue of the significant increase in the Fuel Adjustment Rate [FAR]” and “all of the stakeholders at the table agreed to cooperate to reduce the FAR in the immediate future.” A Government spokesperson said,... Read more of this article
OBA: Legislate Reduction In BELCO FAR Increase
It is “unacceptable for the current Government to do nothing and point fingers at BELCO and the Regulatory Authority as prices skyrocket,” Opposition Leader Jarion Richardson said, adding that the Premier should “recall Parliament to legislate a reduction in the BELCO FAR increase.” Background BELCO previously said, “The... Read more of this article
Column: Pearman On BELCO FAR Increase
[Opinion column written by OBA Shadow Minister for Legal & Home Affairs Scott Pearman] In his speech made the day he became Opposition Leader, Jarion Richardson observed that “blame is not a solution”. Friday’s press conference by Deputy Premier Walter Roban on the impending increases in our electricity costs, was sadly short on meaningful... Read more of this article
Minister Considering Legal Action About FAR
The RA will stand by its original provisional decision on the Fuel Adjustment Rate [FAR], Minister Roban said, adding that “therefore legal action must be considered to address this decision” as the increase “is not in the public’s best interests” and “does nothing but cause hardship.” BELCO previously advised... Read more of this article
Photos & Video: People Gather Outside BELCO
People gathered outside of BELCO on Serpentine Road in Pembroke this morning [Oct 9] to express their concern about the Fuel Adjustment Rate [FAR] increase which took effect this month. BELCO previously advised that beginning on October 1st, 2023 there will be an increase in the FAR. A spokesperson said, “With the approval of the Bermuda Regulatory... Read more of this article
Video: Minister On Fuel Adjustment Rate
[Updated] Minister of Home Affairs Walter Roban held a press conference about the recent Fuel Adjustment Rate. Update 5.39pm: Minister Walter Roban’s remarks: Good afternoon members of the public and the media I am very happy that you are here today to witness this press conference. I am here today to speak about the recently announced Fuel Adjustment... Read more of this article
BELCO On ‘Misconceptions’ About FAR Increase
Since announcing there would be an increase in the Fuel Adjustment Rate [FAR] “there have been several misconceptions and incorrect information circulating,” the BELCO President said, adding that “customers’ bills are not increasing by 48%, only a portion of the bill will increase, the base rate and other charges will remain the... Read more of this article
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... Read more of this article
Ministry Comment On Fuel Adjustment Rate
The Ministry noted that “only 4 cents of the fuel adjustment rate [FAR] represents government taxes,” the Government “has no direct involvement in setting the rate of the FAR,” with the Minister stating that “notwithstanding the minimal impact government taxes have on the fuel price, I am deeply concerned by the almost... Read more of this article
BELCO: Fuel Adjustment Rate To Increase
BELCO advised that beginning October 1st, 2023 there will be an increase in the Fuel Adjustment Rate [FAR]. A spokesperson said, “With the approval of the Bermuda Regulatory Authority, the FAR will increase from the existing rate of 16.513 cents per kilowatt-hour [kWh] to 24.517 cents per kWh. The FAR is comprised of 20.09 cents per kWh FAR and... Read more of this article
