As we told you last week - the Public Utilities Commission has recommended a 15% cut in the average electricity rate for BEL. If BEL doesn't object, that would result in an average rate of 35 cents per kilowatt hour, the lowest light rate in decades. The PUC today held a press conference to explain that their decision aims to achieve a balance between the projected price of fuel, the millions that BEL owes consumers for the months when prices fell lower than expected, and a reasonable rate of return for the power company's shareholders:..
John Avery, Chairman - PUC
"We are looking at a mean electricity rate of 35cents for the period from July 1st 2015 to June 30th 2016. This represents 15.24% decrease in the mean electricity rates. So this 35cents is setting a rate that will cover their cost for next year but also rebate to consumers the excess that BEL has had over the last couple of years."
Jules Vasquez
"Have light rates ever been this low? I can't recall it being as low as 35cents per kilowatt hour average."
John Avery, Chairman - PUC
"For the longest Jules. I recall back in the early 80's electricity was above 41-43cents in that rate. But this is the first time that yes rates will have dipped this low officially."
If BEL does not object within the next week - the new rate would be effective July first.
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