No decision on new electricity rates

He said the RIC has simply proposed what the new rates for residential, commercial and industrial consumers could be from March 1.

Meanwhile, the business community expressed concern that higher electricity rates could have a negative impact on local industries and raise the cost of living for citizens.

During a news conference at the RIC’s Furness Building offices in Port-of-Spain on Wednesday, Pantin outlined a series of proposed increases in electricity rates for domestic, commercial and industrial consumers. Pantin said the document outlining the proposed increases was a draft document, and five public consultations will be held throughout the country in February before a final decision is made in March.

Pantin told Newsday that the figures outlined in the commission’s draft document were the maximum figures proposed for each category of consumer, and were not final figures. Pantin said only after the collation of data from next month’s public consultations, word from Government on whether it would subsidise an increase in electricity costs, and TTEC’s submissions on the draft document to the RIC, would a final decision about what the new electricity rates would be.

He reiterated that there will be a lowering of electricity rates if Government agrees to subsidise electricity costs, and there is no chance of an increase in the figures in the draft document.

TTEC officials said TTEC needed to study the RIC’s draft document before they could comment on it. Sources said TTEC needed to analyse what effects the proposed rates could have on its customer base and operations and then make the necessary submissions to the RIC.

Pantin said they would have until the end of February to provide the RIC with those submissions. Sources added that once a final determination is made by the RIC on the issue, TTEC is obligated to carry it out.