VINLEC to offer some relief on June’s electricity bills

FUEL SURCHARGE RATE APPLICABLE ON JUNE’S BILL 

For immediate release 

14th June 2022 

KINGSTOWN: St. Vincent Electricity Services Limited (VINLEC) released a statement  approximately three weeks ago, addressing the increasing cost of fuel and its impact on  the Fuel Surcharge Rates on customers’ electricity bills. At the time, it was indicated that  further increases in the cost of fuel would lead to an even larger increase in the Fuel  Surcharge Rate. Regrettably, over the past month this trend has continued and it has  resulted in the company paying approximately Nine Million dollars ($9,000,000.) for the  fuel used to generate electricity during the period. This figure represents the highest cost  that VINLEC has ever paid in a single month for fuel used in the generation of electricity.  The result of this is a calculated Fuel Surcharge Rate of 72.52 cents per kWh. 

The Board of Directors of the Company and the Government have come together to offer  some relief to customers by an injection of funds that will result in customers having to  pay less than the actual cost of the fuel used during the month. This injection will reduce  the Fuel Surcharge Rate applicable on June’s electricity bills to 65.79 cents per kWh down  from the calculated 72.52 cents per kWh.  

We are mindful that while this effort does bring some relief to customers, the fuel  surcharge rate is still higher than the previous month. Like all countries worldwide the  company is negatively impacted by the high cost of petroleum products. We are aware  that it is not possible for many of our customers to reduce their electricity consumption,  but encourage those that can conserve electricity to do so as it will assist in mitigating the  impact of a high monthly fuel cost.  

Customers are reminded that this decision is applicable only to electricity bills for June  2022. VINLEC will continue to monitor fuel prices and the likely impact on our customers  and update you as this situation develops.