The Jamaican Public Service (JPS) has announced that customers will see an average increase of about 7.43% on the electricity bills they receive this month.
The company claims this is mainly due to the devaluation in the Jamaican Dollar against its US counterpart. As a result, the average customer who consistently uses 165 kWh per month will pay about $483 more on their bill this month.
Customers whose energy usage increased will see a greater increase in their bill amount.
JPS says most of the material needed for electricity generation and distribution is bought with US dollars, so any movement in the value of the Jamaica dollar has an impact on the cost of electricity.
JPS also notes that the company has not benefitted from the lower oil prices in recent times. In a news release, the company states:
“Although there have been reports in the media about the fall in the price of oil on the world market, it is important to note that this decrease is not reflected in the price that Petrojam charges JPS and the Independent Power Producers (IPPs) for the oil used for electricity generation.
“The cost of oil on customers’ bills therefore reflects the actual cost paid to Petrojam.”
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