The Jamaica Public Service was not successful in its efforts to acquire a substantial increase in electricity rates for residential customers.
Instead the power company has been recommended to reduce its current rates.
According to RJR, confirmation has come that the Office of Utilities Regulation (OUR) has recommended a decrease in electricity rates, instead of the increase sought by the Jamaica Public Service Company (JPS).
After a nine-month wait, the JPS on Wednesday evening received from the OUR a draft of the determination of its application for a tariff review.
“It looks like it does result in a decrease in rates overall… about a one to two per cent decrease in rates, on average. “JPS had a five-year plan that really allows for some significant improvements in reliability and customer service, and obviously that has been rejected, so we are disappointed,” Kelly Tomblin, JPS CEO, told RJR News.
The proposal also includes commercial and industrial companies receiving a 1.5% cut in electricity rates.
The JPS had sought an average 21 per cent increase in the price of electricity for residential customers.
Source: RJR News