First Look

JPS among lowest electricity rates in the region

Jamaica Public Service Company Limited | 2016-06-09 00:00:00

Jamaicans are paying less for electricity than many of their regional counterparts, according to the Caribbean Electric Utility Services Corporation (CARILEC) most recent  Electricity Tariff Results.

In its Caribbean Electricity Tariff Results for December 2015, the CARILEC Secretariat disaggregates typical electricity bills in US currency for the main categories of consumers. The report featured 12 CARILEC full member utility companies.

Based on the survey, for December 2015 only two utility companies participating in the survey charged less than JPS for residential customers. The countries with lower prices were Barbados and Belize. Also, although Trinidad was not named in the survey, it boasts the lowest rates in the region.  Trinidad has access to natural gas and Belize obtains 50% of its energy needs from renewables, particularly hydro-electric power and bagasse.

“Many persons here in Jamaica may find it hard to believe that we are paying less for electricity than most other Caribbean countries, including counties such as St. Lucia, Cayman and the Bahamas just to name a few,” said Dan Theoc, Chief Financial Officer at JPS. “This is not by chance. Based on our tariff structure, we have consistently passed on savings from lower oil prices to our customers. 2015 was a particularly good year, when our customers saw an average 25% reduction in their overall bills, which has continued into the first quarter of 2016 with a further 30% reduction.  As a result we have seen the cost of energy for our typical residential customer fall from U.S. 36₵ per kWh in 2014 to 19₵ per kWh in the first quarter of 2016.   And in terms of Caribbean tourism destinations, I am proud to say we have the lowest cost of energy in the region.”

“Finally, as part of the vision to ensure greater stability in electricity prices and the use of cleaner more efficient technologies we are pursuing more fuel diversity, including the introduction of LNG to generate electricity, starting this August,” he continued.

According to the CARILEC report, the typical electricity bills are indicative of the average electricity tariffs across the key classes of electricity consumers in the Caribbean.

Service classification, such as residential, commercial and industrial, is based on criteria such as demand levels, distribution voltage, rate schedules, accounting methods and end-use applications, among other social and economic conditions.

Posted By :Audrey Williams

Company Name : Jamaica Public Service Company Limited

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Company Address : 6 Knutsford Boulevard

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