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    Home»Main Story»VINLEC EXPLAINS RISE IN FUEL SURCHARGE RATE AND ELECTRICITY COST
    Main Story

    VINLEC EXPLAINS RISE IN FUEL SURCHARGE RATE AND ELECTRICITY COST

    May 25, 2022No Comments2 Mins Read
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    Customers of St. Vincent Electricity Services Limited are advised that although the
    basic rate for energy has not changed since 1989 for Domestic Customers and
    2011 for Commercial and Industrial Customers, the rising cost of fuel is causing an
    increase in the overall cost of electricity. Customers are reminded that the base
    rate for electricity includes less than five percent of the cost of the fuel used to
    generate electricity.

    Since December 2021 the average cost per gallon of fuel used
    by the company to generate electricity has increased by over 30 percent, resulting
    in a similar change in the Fuel Surcharge rate. During this period the average cost
    of fuel has moved from $8.84 per gallon to $11.50 in April, while the Fuel Surcharge
    rate has moved from 44.71 cents per kWh to 59.48 cents per kWh.


    During the month of May, the company has seen further increases in the price of
    fuel that would lead to an even larger increase in the Fuel Surcharge Rate.


    Although the Customs Service Charge (CSC) of 6 percent on the price of fuel has
    been removed, the company has thus far paid an average of approximately $14.20
    per gallon for fuel purchased in May. This represents an increase of $2.70 per
    gallon over April’s cost. This will result in a further increase in the Fuel Surcharge
    rate on customers’ electricity bills for the month of June.


    The price that VINLEC pays for fuel to generate electricity is a reflection of the price
    of fuel on the international market.

    The company is hopeful that this upward trend will soon be reversed. This will ultimately lead to lower price for the fuel used to
    generate electricity and a consequential reduction in the Fuel Surcharge rate.

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