Providenciales, 21 May 2015 – As the Territory’s Governor continues to beckon for some solution or meaningful hunt for lower electricity costs and as the country was recently informed that the fuel factor rate has dipped for another month; the CEO of FortisTCI, Eddinton Powell is speaking: “Savings offered through the Fuel Factor is beneficial to our customers, however, we want to ensure everyone appreciates that oil prices in the world market are still volatile… we continue to aggressively explore and pursue, options to streamline our fuel supply chain that would result in lower prices, lower priced supply sources that are potentially capable of delivering to the TCI given our port infrastructure, and the medium to long-term possibilities of gas and renewable energy (including LNG, CNG, solar and wind).”
For some this exploration is not moving as swiftly as they would like, but Fortis in that Tuesday statement explained that the fuel factor rate is at its lowest since the demand for crude oil decreased last year; now at 1.1298 per gallon. This reflects a 47% decrease in the past eight months according to Fortis.
