Minister: Brace for higher electricity rates

She declined to say what would be the quantum of the increase. She was speaking at a post-Cabinet news conference.

"If TTEC is to deliver the kind of service we expect... then obviously that (the rate increase) has to be addressed," she said.

Stressing that the Relegated Industries Commission was the body to decide on whether there would be an increase and the amount, Beckles said it was "public knowledge" that the electricity rates in Trinidad and Tobago were among the lowest in the world.

Minister in the Ministry of Finance Conrad Enill pointed out that the InnCogen agreement put additional costs on the public utility and helped to erode TTEC’s financial position.

He said as TTEC attempted to place its capital development programme in place, it was finding that it could not meet its debt service requirements. Beckles also announced that Cabinet had approved the funding — $433 million — for the first phase of a three-year investment programme at WASA.

This money, she pointed out, would be in addition to the allocation under the Public Sector Investment Programme and the $100 million allocation for the national social development programme.

The $433 million given for the investment programme would be used for distribution expansion, leak detection programme, sewage programme, pipeline replacement and institutional strengthening, Beckles said.