Govt to decide on new electricity rates

No one could say when the new rates will become effective, but sources yesterday hinted that the decision could be announced in the 2006/2007 Budget which Prime Minister Patrick Manning is expected to present in Parliament either later this month, or in early October.

Following a meeting of the TT Electricity Commission’s (TTEC) board of directors and management at the company’s Port-of-Spain offices late yesterday, senior TTEC officials told Newsday that TTEC general manager Indarjit Singh informed the meeting that the timeframe for the implementation of the new rates was “now in the hands of Government.”

The officials said TTEC has done all its work with regards to the electricity rate increases which were recommended by the Regulated Industries Commission (RIC) in June.

In outlining the new rates at that time, RIC chairman Dennis Pantin said the RIC has the legal authority to determine final electricity rates in TT, but it does not have the power to tell TTEC to implement those rates.

TTEC officials reiterated that because the company is a State-owned public utiltity that decision ultimately lay with the Government.

The officials added they were pleased that most of the company’s recommendations were agreed to (including measures to shield low income earners and pensioners from the price hikes) and TTEC would be looking to improve the efficiency of its operations.

Meanwhile, sources yesterday claimed that consideration was being made to include the new electricity rates in the upcoming Budget and Government may announce some kind of electricity subsidy.

However TTEC officials said they were unaware of any such reports.