In a statement issued late Tuesday night, Home Affairs Minister Walter Roban announced that Bermuda’s Regulatory Authority has “assisted” in “driving down the cost of electricity”, by “the slashing of Electricity Retail Tariffs”.
“As a government elected with a mandate to improve the quality of Bermudian’s lives and to drive down the cost of living, we are pleased that the Regulatory Authority has assisted in the delivery of one aspect of our agenda; driving down the cost of electricity via the slashing of Electricity Retail Tariffs,” said the Minister.
“From day one, the Government has refused to support a raise of BELCO retail rates and sought ways to drive power costs down. Now, relief is on the way.
“This Tariff Cut will pass on savings to each of us and means that Bermudian families and Bermudian businesses will pay out less of our hard earned dollars on our monthly electricity bill.
“This means more money in Bermudian’s pockets and offers a measure of relief to our business sector,” he added.
“This modest relief is in line with what we were elected to do and represents a small step forward in our mission to ease the burden on Bermudians, reduce the cost of doing business in Bermuda and in helping to drive down the high cost of living in our country.”
Earlier this year, the Regulatory Authority was looking to increase fees on electricity providers and telecommunications companies to fund a $1 million-plus increase in its budget for the next financial year.
In its work plan consultation document for 2020-21, the RA estimated $7.43 million in total expenditure at $7.43 million, up from $6.29 million in 2019-20.
The RA oversees special projects in electronic communications and electricity – the main drivers of the 18 percent increase in expenditure.
To fund their increased budget, the RA proposed an increase in the Electronic Communications Regulatory Authority fee, to 1.9 percent from 1.75 percent.
It was also noted that the RA is an independent regulator funded by the fees it levies and receives no funding from the Government.