Consumers are to see an increase in their electricity bills.
This was revealed by the Office of Utilities Regulation OUR, which completed its assessment of the 2022 Annual Review and extraordinary rate review application submitted by the Jamaica Public Service Company, JPS.
The OUR in a statement explained that its decision will result in an average increase of approximately 0.7 percent for consumers.
It noted that based on its analysis, J-P-S’ proposed adjustment to the rates would have had an average overall impact of 2 per cent.
The average increase in the overall rates varies from 0.4 per cent for the very large commercial and industrial customers to 1.2 per cent for the large commercial and industrial customers.
The OUR said it approved a revenue target of $48.1-6 billion for 2022, down from the $51.3 billion proposed by JPS.
In its extraordinary rate review submission, JPS requested approval for an additional $22.5 million US capital expenditure for four projects.
One of the projects involves the life-extension of 171.5 megawatts of the
Capacity of existing generation plants until 2026 to avoid widespread outages.
The other three projects target stability and reliability on the grid, particularly in the corporate area energy system and the north-eastern region of the island.
The our approved all these capital projects. However, they will not be captured in J-P-S’s revenue requirement until 2023.
The utility regulator explained that JPS‘ annual review extraordinary rate 2022 determination notice took effect yesterday August 22.
