The light and power company, which was expected to file a tariff review application back in April, has pushed the submission to a later date. According to Ansord Hewitt, Director General of the Office of Utilities Regulation (OUR), the regulator now anticipates receiving the application by October, with a decision on any changes to electricity rates likely to be made by January.
This adjustment could lead to increased electricity bills for consumers in the new year, in addition to the regular annual inflation and monthly fuel cost adjustments. If the review had been submitted on schedule in April, customers would already be seeing these changes reflected in their bills.
Efforts to get a statement from the Jamaica Public Service Company (JPS) regarding the delay were unsuccessful. Meanwhile, a Parliamentary committee is currently reviewing the All-Island Electricity Act, under which JPS operates.
This update comes as JPS has reported strong financial results for the first half of the year, with a profit of US$30.1 million (J$4.67 billion). This figure represents a 7.1% increase from the same period last year, driven by a 7.6% rise in revenues to US$538.5 million (J$83.47 billion).
Interestingly, the company’s revenue exceeded the US$476 million requirement it set for itself for 2023 during its last tariff review in 2019, which covered the period up to 2024. That review led to a rate increase that had a modest impact on consumer bills, keeping the rise under five percent.
