Providenciales, 23 Oct 2014 – Oil prices have dropped 30 cents according to OPEC and Fortis TCI this week announced that the fuel factor rate will decrease from .2447 to .2366. These changes will be seen in power bills for October.
The news comes on the heels of a signing of a Memorandum of Understanding between stakeholders and government as ways to reduce the cost of electricity in the territory continue to be explored. It was last week that the Turks and Caicos committed to the ten island challenge of the Carbon War Room; an initiative started by Sir Richard Branson and Rocky Mountain Institute.
Commenting on the decision by the Turks and Caicos, Branson said the TCI joining in the pact means the effort is expanding and more transformation for Caribbean economies is on the horizon so they are independent of fossil fuels. The organizations are not only offering support, but expertise. The Caribbean has some of the highest rates in the world on electricity bills and ranks lowest in efforts to counter fossil fuels with renewable energy ideas.