By Alexis R. Milan
The Public Utilities Commission announced on Monday that it has recommended a cut of 15 percent in electricity rates, down from 41 cents a kilowatt-hour to 35 cents.
PUC Chairman, John Avery said: “This … rate will cover their cost for next year and also rebate to consumers the excess that BEL has had over the last couple of years.”
Avery explained that the decision aims to achieve a balance between the projected price of fuel, the millions that BEL owes consumers for the months when prices fell lower than expected, and a reasonable rate of return for the power company’s shareholders.
The new rates are expected to come into effect on July 1st and will be valid for 12 months.