The Utility Regulation and Competition Office (OfReg) has approved a base rate adjustment 0.9% for Caribbean Utilities Company.

CUC said this will mean the average customer will see a $1.06 increase in their monthly utility bill.

The marginal increase in the energy charge component of the bill will be applied to the electricity consumption for June, which is billed in early July.

The rate increase is governed by the Rate Cap Adjustment Mechanism contained in CUC’s Transmission & Distribution Licence, issued in April 2008. The mechanism is based on a formula that takes into account consumer price inflation in both Cayman and the US after the effects of the prices of food and fuel are removed.

The base rate increase does not impact the Fuel Cost Charge nor the Licence and Regulatory Fees Charge.