Blame it on fuel
Cayman residents will see an increase in their electricity bills for September and October because of Caribbean Utilities Company’s higher fuel costs.
CUC paid CI$2.72 per Imperial Gallon for fuel in July and August, which will equate to an all-time high fuel factor of 11.5 cents per kilowatt hour on the September bills. The company anticipates the same fuel factor in October.
CUC applies the fuel factor adjustment two months after the actual fuel cost is incurred, in accordance to the terms of its licence agreement with the government.
Fuel factor adjustments are customary in the industry, CUC said in a press release.
‘World fuel prices, which fluctuate according to market conditions, are driven by supply and demand and the fuel adjustment mechanism is used by electric utilities all over the world, to pass through increases and decreases in the cost of fuel to customers,’ the press release stated.
CUC’s fuel factor peaked last year in July at 11.4 cents per kilowatt hour.
In order to help offset the rising fuel factor costs, CUC urged customers to increase their energy conservation efforts. The company’s Energy Smart programme provides tips on how to reduce electrical consumption and can be viewed on the company’s website at www.cuc-cayman.com.
‘Reducing you electrical consumption will result in savings on your electric bills,’ the company said. ‘Conserving energy also helps protect our fragile environment because less electricity usage means a reduction in exhaust emissions.’
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