Grenada Electricity Services Ltd (Grenlec) is pleased to announce a 2.36% decrease in the non-fuel rate this year, in keeping with the Consumer Price Index (CPI) as it stood at 31 December 2014.
Non-fuel rate adjustments, which are adjusted annually, are regulated by a Price Cap Formula as per the Electricity Supply Act 1994. On 25 August 2015, in accordance with Section 10(1) of the Electricity Supply Act, the Grenada Electricity Services Limited filed an application to the Government for a decrease in the non-fuel charge for electricity used by customers.
|Non-Fuel Rate Adjustments (2011–2016)|
|Year||Non-Fuel Rate Adjustment|
|Nov. 2014||Implementation in Nov. 2014 of a 3.2% non-fuel rate decrease due in January 2015.|
|Feb. 2014||Increase of 0.77%.|
|2013||Did not implement a rate increase that was due.|
|Mar. 2012||Company deferred implementation of a 3.71% increase in the non-fuel charge, which should have become effective 1 January 2012.|
Notice is hereby given that the new non-fuel rate is effective 1 January 2016. Customers are advised that the new rate will begin to appear on bills issued for usage from 1 January 2016. The Company will bill usage prior to 1 January at the old rate and usage from 1 January at the new rate.
For ease of reference, we are providing this chart to show the impact of the non-fuel rate change for selected scenarios:
- No VAT charges reflected. VAT applicable on non-fuel component of electricity only.
- Domestic customers are exempt from VAT on non-fuel charges for the first 99 kWh.
The combined effect of decreases in the non-fuel charge and fuel charge over the last year has resulted in significantly lower electricity rates for customers.
Grenlec is continuing to implement renewable energy initiatives in collaboration with customers and other partners to enhance Grenada’s energy security and stabilise electricity costs by reducing Grenada’s dependence on unpredictable fossil fuel imports.