VINLEC sees sales increase for 2015

VINLEC’s chief executive officer Thornley Myers believes that the reduction in the fuel surcharge over the last few months led to an increase in electricity sales for the year 2015.

Myers made this point while addressing members of the media at a press conference at VINLEC’s Paul’s Avenue headquarters last Tuesday.{{more}}

“In 2015, interestingly, we saw what may be considered to be a significant increase in electricity sales; significant because it’s relative, just over two per cent growth in electricity sales.

“We believe that one of the reasons we saw increased sales in 2015 was as a result of the significantly lower fuel surcharge,” Myers added.

He noted, however, that although two per cent is significant compared with the recent times, VINLEC in the late 80’s and 90’s was seeing at times increases up to seven per cent.

Myers also said that for the years 2007-2014, electricity sales were stagnant, due in part to persons conserving more energy.

“At the end of 2014, we were selling just about the same amount of electricity that we sold at the end of 2007…In terms of revenue…we were getting slightly less…from electricity sales in 2014 than we were having in 2007.

“The factors, as I said before, one: persons are conserving more; businesses like us and commercial entities in the city have been seeking not only ways of conserving, but also introducing energy efficient technology,” he pointed out.

He also noted that the use of energy efficient lamps, changing out the air conditioning units, among other things, has allowed them to lessen the consumption rate at their headquarters by 17 per cent.

Additionally, at the Cane Hall site, by conserving energy, they have been able to reduce their consumption rate by over 20 per cent.

Myers joked that many persons may see it as a contradiction that they are in the business of selling energy, while they encourage customers to conserve energy.

“It must be part of what we do; this is not just simply about selling energy. We are a state owned company; our financial survival and well-being is great for the company. Perhaps what is even better for the country is economic welfare of the state. If the state does well…VINLEC would do well; if VINLEC does well and the country doesn’t do well, then we are not getting anywhere as a country,” he stated.

“So part of our contribution, part of our mandate is to get persons to use energy wisely. So, there really isn’t any contradiction; they perceive one, but not really any contradiction.”

Myers noted that going forward they hope and believe that the trend will continue and their customers will keep on seeking ways and means of conserving energy. (CM)