The Jamaica Public Service Company JPS has applied for a rate increase.

In a statement this afternoon, the Office of Utilities Regulation, OUR said the JPS has submitted its 2023 annual tariff adjustment application which is provided for under the Electricity Licence 2016.

If approved, this could result in residential customers paying 0.8 per cent more for electricity, while some commercial customers could see a marginal increase of 0.2 per cent.

Other commercial and industrial customers could see reductions above 2.3 per cent.

These would take effect as of July 1.

Noting that the JPS’ 2023 Annual Revenue Target is 55.1 billion dollars, the OUR said the annual tariff adjustment request seeks to realign electricity rates based on the performance-based rate-making mechanism specified in the licence.