The Ministry of Home Affairs was notified on Friday March 21st of an intended increase in the BELCO Fuel Adjustment Rate (FAR).
Effective April 1, 2025, the FAR will rise from 13.360 cents per kilowatt-hour (kWh) to 15.515 cents per kWh.
This adjustment will result in an average $14.00 increase in residents’ monthly electricity bills.
While the base rate for electricity services remains unchanged, the increase to the FAR is attributed to fluctuating global fuel market conditions reviewed quarterly by the Regulatory Authority following application from BELCO (the utility).
“This increase in the FAR comes at a time when Bermuda’s families are already enduring the weight of economic hardship and are challenged by their monthly electricity bills,” Minister Lightbourne said.
“The Government announced in its Throne Speech that it will lower the costs of living for its residents, and one week later, received notice by a community stakeholder that it intends to increase its costs. We believe in transparency and wanted to inform the public.”
Minister Lightbourne concluded, “BELCO’s decision to apply for, and implement this adjustment is part of their standard business practices. In order for the Government to be successful in its mandate, we invite the business community to do its part to also promote fairness and relief to serve the betterment of all who live and work in Bermuda.”
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