Activities

TCIG represented in the Caribbean Renewable Energy Forum (CREF) 2022 in Miami, USA

The TCI government contingent to the Caribbean Renewable Energy Forum (CREF) 2022 in Miami, USA held on April 26-28, 2022 was headed by the Honorable Akierra Missick of the Ministry of Physical Development and Infrastructure Development (MPPID). The Hon. Otis Morris of the Ministry of Home Affairs, Transportation, Broadcasting, Energy and Utilities and Telecommunications Commissions (MOHAT) attended the session on Policymakers: Time for Action at the CREF 2022.

The CREF brought full ecosystem of policymakers, regulators, utilities, investors, developers, and financiers together in an environment which encourages the market to meet, originate and transact, not only from the Caribbean but from North America, South America, and Europe. During the Conference, several highly qualified speakers on the Electric Vehicle (EV) Deployment; Island Resilience Action Challenge (IRAC); International perspective on why and how the Caribbean should be prioritized in the global effort to combat climate change; Policy-makers: time for actions; Strategies for greener, more resilient and competitive Utilities; decarbonization and resilience; Caribbean industrials prioritizing renewables; country experience and team TCI attended the session for British Virgin Islands (BVI), Cayman Islands, Bermuda and Barbados; Building strong Energy Companies; Hydrogen Economy; scaling storage, etc.

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Soaring global fuel cost affects local electricity costs in the Turks and Caicos Islands

The global fuel supply and demand affect the cost of fuel in the international market and so with the local fuel cost. The primary source of electricity in TCI is diesel-generated, of which the cost of generation is also influenced by the global cost of fuel.

Electric bills in TCI are calculated using the base rate cost and the fuel factor cost. The base rate costs vary on different islands and were prescribed through Regulations in 2020. The fuel factor cost is calculated as prescribed by the Electricity Rates and Charges Regulations. The fuel factor (please see graph and table below for January to May 2022 for ease of presentation) is affected by the cost of diesel (per gallon). When the cost of diesel is low, the fuel factor is lower and conversely, as the cost of diesel increases, the fuel factor will also increase. It can be gleaned from the graph that the fuel factor and cost of diesel are steady increasing from February up to the present.

The electric bill is a function of monthly electrical consumption (kWh) multiplied by the base rate, plus the same monthly electrical consumption (kWh) multiplied by the fuel factor. The product is the bill for a given billing period. If there are late payments a corresponding charge will be added to the bill. If the fuel factor increases, the electric will also increase. Similarly, if the monthly electrical consumption is high, the electric bill will also be high.

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