Bermuda Electric Light Company Limited (“BELCO”) will implement new rates for all customers beginning January 1st, 2023. Rates have been set by the Regulatory Authority of Bermuda (“RA”).
The RA is responsible for setting tariffs under the Electricity Act 2016 and the retail tariff methodology that was issued by the RA in 2018.
The RA has approved a rate change per kWh beginning January 1st, and the average residential customer using 650 kWhs per month will see a $6 decrease in their bill.
Fuel for energy generation is the largest segment of the per kWh rate. The cost of fuel is recovered through the fuel adjustment rate (“FAR”). The FAR reflects the total cost to deliver fuel to BELCO’s central plant and is comprised of two parts: the fuel adjustment and Bermuda Government taxes on fuel. The FAR is approved by the RA on a quarterly basis and has decreased from 16.874 cents for the period of October to December 2022 to 14.304 cents for the period of January 1st to March 31st, 2023.
BELCO has worked tirelessly during the last few years to increase operational efficiencies to reduce the impact on customers and will continue to do so.
BELCO is acutely aware that high energy costs are a burdensome expense for many in Bermuda who are struggling. As we work towards becoming a more sustainable company, BELCO remains committed to increasing our efficiencies while ensuring that we can reliably meet the energy demands of Bermuda.
BELCO customers can learn more about their bill as well as tips on energy efficiency and ways to reduce their bill at belco.bm.
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