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8% reduction in electricity rates takes effect

General8% reduction in electricity rates takes effect

The Public Utilities Commission (PUC) issued final notice today of new electricity tariffs due to take effect this month, amounting to a decline in electricity rates ranging from 6% to 9% — depending on the classification of customers.

Most residential customers will experience an 8% decrease in rates while industrial customers will benefit from a 9% reduction in tariffs. (See table accompanying this article.)

“This represents a decrease in the Mean Electricity Rate (MER) from 48.65¢ to 44.65¢,” the PUC said.

BEL, however, had applied for a decrease in the mean electricity rate to 45.65¢ per kilowatt hour.

In a statement on the PUC review, BEL had said that the decision would result in more revenue loss than the company had anticipated.

The company said in a press release that, “The projected revenue from PUC’s proposed tariff basket is $23.5 million below the revenue expected from the current MER.”

It added that, “This would also significantly impact the company’s ability to finance its operations and the quality of service delivered to customers.”

According to the PUC, the approximate decrease of 8.22% in the mean electricity rate (MER) would take effect January 1 and will span the remainder of the annual tariff period, which ends June 30, 2014.

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