Grenlec is again drawing customers’ attention to a considerable increase in world fuel prices that is impacting the price of electricity, transportation and other products and services worldwide.
Of note, between June and July the fuel charge moved from 70-78 cents per kWh (unit of electricity), an increase of 8 cents over the last month.
In fact, since April the fuel charge per kWh has risen by 21 cents, driven solely by sharp increases in the price of crude oil worldwide.
|Fuel Charge paid by Customers|
|2022||$/ kWh (unit)|
While the developments in Europe have pushed prices higher, even before this the recovery from COVID-19 started the upward trend in fuel prices.
Acknowledging the burden on customers of increasing prices, Clive Hosten, Acting General Manager of Grenlec urges customers to conserve energy. “Conserving energy is about using only what you need and looking at all possible ways of eliminating waste. It is the one way that customers have of helping to control their electricity costs.”
Grenlec has provided some relief through a temporary 25% reduction in the non-fuel charge, which was implemented in January 2022.
Despite this and other measures taken by Government of Grenada, the price of electricity is nearing levels last seen in 2008.
Hosten added, “We are grappling with a challenge that the entire world is facing and while there is no easy solution, if customers are consistently conserving it will make a difference”.
Over the coming weeks, Grenlec will intensify its efforts to help customers understand how they can save energy and reduce their electricity bills.