Grenlec announced today that its fuel rate to customers was reduced to $0.3315/kWh (unit) in October 2015. This latest reduction represents a 45.3% decrease in fuel charges compared to October of 2014. The current rate is at its lowest level since June 2009.
In addition, the company has applied for a 2.35% decrease in the non-fuel charge effective January 1, 2016.
Grenlec’s non-fuel rate was lowered by 3.2%, effective November 1, 2014. This is the second non-fuel rate reduction in 12 months in compliance with the current Electricity Supply Act, which represents the regulatory process in place to facilitate rate changes.
In total, the combination of fuel and non-fuel charge reductions has resulted in a price decrease of 23.7% in the past 12 months. Over the last 21 years since privatisation of Grenlec, the non-fuel rate has decreased 26.7% when adjusted for inflation based on the regulatory requirements for electricity rate adjustments.
Consequently, customers are seeing significant reductions in their monthly bills as fuel prices have continued to decrease every month since August 2014. At the same time, Grenlec continues to maintain high standards for system performance and operational efficiency.
“We work hard to improve efficiency here at Grenlec, and encourage our customers to use electricity wisely to help reduce energy costs” says Collin Cover, Grenlec’s General Manager and Chief Executive Officer.
For more information on how to save energy and money at your home or business, please visit www.grenlec.com/energise or call Grenlec’s Customer Care Team at 273 or 473 440-2097.