Archive: 13 November 2024

The Office of Utilities Regulation (OUR) has sought to clarify that it has no application for, nor is there any plan to increase electricity rates to strengthen the Electricity Disaster Fund (EDF) following Hurricane Beryl.

The clarification follows concerns raised by Opposition Spokesman on Energy, Phillip Paulwell, who suggested that the OUR had a proposal to increase consumers’ contributions to the fund.

In a statement, the OUR explains that the EDF is a self-insurance fund it established in 2004 to set aside a pre-determined sum annually for disaster occurrences.

The OUR notes that it monitors and periodically reviews the fund to ensure that a minimum adequacy threshold is maintained.

The regulator explains that at a webinar last Friday, it discussed the EDF and indicated that the Jamaica Public Service (JPS) had submitted preliminary estimates of approximately $26.1 million USD to finance recovery efforts following Hurricane Beryl.

This sum, which will be subject to approval after rigorous assessment, will be taken from the EDF.

The regulator says that at the webinar, it was made clear that it would review the EDF post-Beryl to ensure it is properly funded to meet future liabilities arising from natural disaster occurrences.

It says that statement sparked a misinterpretation that the OUR was currently contemplating an increase in electricity rates.

In response to recent public comments, OUR Director-General Ansord Hewitt says there is no proposal before the regulator to increase customer contributions to the EDF.

He notes, that as the economic regulator, the OUR will analyze costs associated with the recent hurricane events to ensure legitimacy.

He says the agency will also need to examine where the payment leaves the fund in terms of its ability to meet future claims and activate its usual consultation process with stakeholders to ensure transparency.

Mr. Hewitt says that analysis is yet to be done, so any suggestion of the need for an increase is premature.

He adds that electricity rates are not arbitrarily increased as the electricity license provides clear guidelines on how and when such matters are considered, including in the review of tariff application submissions by JPS, which are due annually or every five years.

The Office of Utilities Regulation (OUR) has sought to clarify that it has no application for, nor is there any plan to increase electricity rates to strengthen the Electricity Disaster Fund (EDF) following Hurricane Beryl.

The clarification follows concerns raised by Opposition Spokesman on Energy, Phillip Paulwell, who suggested that the OUR had a proposal to increase consumers’ contributions to the fund.

In a statement, the OUR explains that the EDF is a self-insurance fund it established in 2004 to set aside a pre-determined sum annually for disaster occurrences.

The OUR notes that it monitors and periodically reviews the fund to ensure that a minimum adequacy threshold is maintained.

The regulator explains that at a webinar last Friday, it discussed the EDF and indicated that the Jamaica Public Service (JPS) had submitted preliminary estimates of approximately $26.1 million USD to finance recovery efforts following Hurricane Beryl.

This sum, which will be subject to approval after rigorous assessment, will be taken from the EDF.

The regulator says that at the webinar, it was made clear that it would review the EDF post-Beryl to ensure it is properly funded to meet future liabilities arising from natural disaster occurrences.

It says that statement sparked a misinterpretation that the OUR was currently contemplating an increase in electricity rates.

In response to recent public comments, OUR Director-General Ansord Hewitt says there is no proposal before the regulator to increase customer contributions to the EDF.

He notes, that as the economic regulator, the OUR will analyze costs associated with the recent hurricane events to ensure legitimacy.

He says the agency will also need to examine where the payment leaves the fund in terms of its ability to meet future claims and activate its usual consultation process with stakeholders to ensure transparency.

Mr. Hewitt says that analysis is yet to be done, so any suggestion of the need for an increase is premature.

He adds that electricity rates are not arbitrarily increased as the electricity license provides clear guidelines on how and when such matters are considered, including in the review of tariff application submissions by JPS, which are due annually or every five years.

The Office of Utilities Regulation (OUR) has sought to clarify that it has no application for, nor is there any plan to increase electricity rates to strengthen the Electricity Disaster Fund (EDF) following Hurricane Beryl.

The clarification follows concerns raised by Opposition Spokesman on Energy, Phillip Paulwell, who suggested that the OUR had a proposal to increase consumers’ contributions to the fund.

In a statement, the OUR explains that the EDF is a self-insurance fund it established in 2004 to set aside a pre-determined sum annually for disaster occurrences.

The OUR notes that it monitors and periodically reviews the fund to ensure that a minimum adequacy threshold is maintained.

The regulator explains that at a webinar last Friday, it discussed the EDF and indicated that the Jamaica Public Service (JPS) had submitted preliminary estimates of approximately $26.1 million USD to finance recovery efforts following Hurricane Beryl.

This sum, which will be subject to approval after rigorous assessment, will be taken from the EDF.

The regulator says that at the webinar, it was made clear that it would review the EDF post-Beryl to ensure it is properly funded to meet future liabilities arising from natural disaster occurrences.

It says that statement sparked a misinterpretation that the OUR was currently contemplating an increase in electricity rates.

In response to recent public comments, OUR Director-General Ansord Hewitt says there is no proposal before the regulator to increase customer contributions to the EDF.

He notes, that as the economic regulator, the OUR will analyze costs associated with the recent hurricane events to ensure legitimacy.

He says the agency will also need to examine where the payment leaves the fund in terms of its ability to meet future claims and activate its usual consultation process with stakeholders to ensure transparency.

Mr. Hewitt says that analysis is yet to be done, so any suggestion of the need for an increase is premature.

He adds that electricity rates are not arbitrarily increased as the electricity license provides clear guidelines on how and when such matters are considered, including in the review of tariff application submissions by JPS, which are due annually or every five years.

The Office of Utilities Regulation (OUR) has sought to clarify that it has no application for, nor is there any plan to increase electricity rates to strengthen the Electricity Disaster Fund (EDF) following Hurricane Beryl.

The clarification follows concerns raised by Opposition Spokesman on Energy, Phillip Paulwell, who suggested that the OUR had a proposal to increase consumers’ contributions to the fund.

In a statement, the OUR explains that the EDF is a self-insurance fund it established in 2004 to set aside a pre-determined sum annually for disaster occurrences.

The OUR notes that it monitors and periodically reviews the fund to ensure that a minimum adequacy threshold is maintained.

The regulator explains that at a webinar last Friday, it discussed the EDF and indicated that the Jamaica Public Service (JPS) had submitted preliminary estimates of approximately $26.1 million USD to finance recovery efforts following Hurricane Beryl.

This sum, which will be subject to approval after rigorous assessment, will be taken from the EDF.

The regulator says that at the webinar, it was made clear that it would review the EDF post-Beryl to ensure it is properly funded to meet future liabilities arising from natural disaster occurrences.

It says that statement sparked a misinterpretation that the OUR was currently contemplating an increase in electricity rates.

In response to recent public comments, OUR Director-General Ansord Hewitt says there is no proposal before the regulator to increase customer contributions to the EDF.

He notes, that as the economic regulator, the OUR will analyze costs associated with the recent hurricane events to ensure legitimacy.

He says the agency will also need to examine where the payment leaves the fund in terms of its ability to meet future claims and activate its usual consultation process with stakeholders to ensure transparency.

Mr. Hewitt says that analysis is yet to be done, so any suggestion of the need for an increase is premature.

He adds that electricity rates are not arbitrarily increased as the electricity license provides clear guidelines on how and when such matters are considered, including in the review of tariff application submissions by JPS, which are due annually or every five years.

The Office of Utilities Regulation (OUR) has sought to clarify that it has no application for, nor is there any plan to increase electricity rates to strengthen the Electricity Disaster Fund (EDF) following Hurricane Beryl.

The clarification follows concerns raised by Opposition Spokesman on Energy, Phillip Paulwell, who suggested that the OUR had a proposal to increase consumers’ contributions to the fund.

In a statement, the OUR explains that the EDF is a self-insurance fund it established in 2004 to set aside a pre-determined sum annually for disaster occurrences.

The OUR notes that it monitors and periodically reviews the fund to ensure that a minimum adequacy threshold is maintained.

The regulator explains that at a webinar last Friday, it discussed the EDF and indicated that the Jamaica Public Service (JPS) had submitted preliminary estimates of approximately $26.1 million USD to finance recovery efforts following Hurricane Beryl.

This sum, which will be subject to approval after rigorous assessment, will be taken from the EDF.

The regulator says that at the webinar, it was made clear that it would review the EDF post-Beryl to ensure it is properly funded to meet future liabilities arising from natural disaster occurrences.

It says that statement sparked a misinterpretation that the OUR was currently contemplating an increase in electricity rates.

In response to recent public comments, OUR Director-General Ansord Hewitt says there is no proposal before the regulator to increase customer contributions to the EDF.

He notes, that as the economic regulator, the OUR will analyze costs associated with the recent hurricane events to ensure legitimacy.

He says the agency will also need to examine where the payment leaves the fund in terms of its ability to meet future claims and activate its usual consultation process with stakeholders to ensure transparency.

Mr. Hewitt says that analysis is yet to be done, so any suggestion of the need for an increase is premature.

He adds that electricity rates are not arbitrarily increased as the electricity license provides clear guidelines on how and when such matters are considered, including in the review of tariff application submissions by JPS, which are due annually or every five years.