Power company to drop electricity rates again

Customers of St. Vincent Electricity Services Limited will get further relief on their electricity bills for January 2009. VINLEC advises that the Fuel Surcharge Rate applicable on January bills has decreased to 29.63 cents per unit. This figure represents a decrease of 7.71 cents over the December figure.{{more}}

This decrease is as a result of the continued downward trend in fuel prices, following record increases in 2008. VINLEC further advises that the average price of fuel during December was $6.25 cents per gallon, compared to$8.65 per gallon in November, and $10.03 cents per gallon in October. Be reminded that the price of fuel on the international market influences the local Fuel Surcharge Rate, which is calculated based on the fuel consumption for the previous month.

The Fuel Surcharge Rate has been decreasing over the last six months- from 66.88 cents per unit in August to 65.35 per unit in September. During the final quarter of 2008, there were sharp decreases in the Fuel Surcharge Rate – from 54.58 cents per unit in October, to 44.86 cents per unit in November, and to 37.34 cents per unit in December. These figures are a reflection of the movement of the price of fuel on the international market.

Customers are being assured that the Company will continue to ensure efficiency in its operations. We continue to encourage customers conserve energy in an effort to reduce consumption. VINLEC will continue to monitor the developments in the international market and keep customers abreast with these developments.