September 21, 2007

Fuel surcharge down for September


St. Vincent Electricity Services Limited (VINLEC) said on Wednesday that the Fuel Surcharge rate applicable to September (2007) bills has decreased significantly from that which applied to the August bills. The Fuel Surcharge rate applicable for the September bills is 32.84 cents per unit, a decrease of 7.79 cents on August’s figure, which was 40.63 cents.{{more}}

The Company attributes the decrease in the Fuel Surcharge rate to the increased production from the Hydro Plants. Of the total electricity production, 28% of electricity was produced at the Hydro stations in August, compared to 12% of the production in July. The diesel Plants contributed a total of 72% of electricity produced in August, while in July the diesel plants produced 88% of the electricity produced.

Additionally, the Company spent less for fuel for the month of August- approximately $4 million, compared to approximately $4.6 million for July. This decrease in fuel cost in August, comes despite a higher average price for fuel for August. Statistics indicate that in August, VINLEC paid $7.8 per gallon, compared to $7.5 in July. So far this year, VINLEC has spent approximately $31.6 million for fuel.

VINLEC pledges to continue providing best quality and value to all customers and shareholders.