Grenlec Customers Enjoying the Benefit of Falling World Fuel Prices

Good news for Grenlec customers, who are seeing a drop in their fuel charge for electricity for the sixth consecutive month.

This reduction of 20 cents per unit of electricity between September 2022 and March 2023 is directly due to a downward trend in global fuel prices.

“With the decline in world fuel prices, Grenlec is pleased to be able to pass these savings to our customers”, stated Clive Hosten, Acting General Manager.

The recent fuel charge reductions have reversed a twenty-month period of monthly increases in the fuel charge for electricity. This period was characterised by rising costs of all goods and services as a result of external factors, including the higher demand for fuel that came with the global COVID-19 recovery as well as the situation in Europe.

At its highest point ever, in September 2022, the fuel charge was 87 cents. Contrast this with a fuel charge of 20 cents in August and September 2020.

Company officials caution that taken in this historical context, while the current fuel charge of 67 cents is lower than six months ago, it is still relatively high.

“This decline in world fuel prices is great news and we hope that it continues. We also note that world fuel prices are unpredictable and remind our customers to monitor their electricity bills, conserve energy and manage their energy usage,” Hosten further stated.

Customers should be encouraged by testimonials from others that making changes in their energy habits and being consistent has helped reduce their consumption and electricity bills.