TCI News
FortisTCI announces bid to hike electricity bills, cites record $42m response to hurricanes as destabilizing
#Providenciales, Turks and Caicos Islands – Wednesday July 11, 2018 – Lingering adversity caused by the catastrophic 2017 Atlantic Hurricane Season will likely result in an increase in electricity bills for Turks and Caicos consumers; FortisTCI CEO and President today announced that an application requesting the rise has been filed with Government.
Approval will result in an immediate change in power bills.
“Today FortisTCI filed a rate variation application under Section 34 of the Electricity Ordinance. The application proposes an average rate of 6.8 percent increase. Residential customers with an average monthly consumption of 500 k/w hours would see an increase of approximately $8 per month on their electricity bills,” said Eddinton Powell, FortisTCI CEO. 
Ten months following the double whammy of Hurricanes Irma and Maria – two of the costliest and deadliest storms of 2017 – the Turks and Caicos is still reeling from the effects of the major hurricanes and it may mean a 6.8% hike in power bills. The request has to first be approved.
“The application seeks to restore the company’s financial position which was weakened by the cost of restoration of electricity following Hurricanes Irma and Maria. The total impact directly attributable to the hurricanes is $42 million.”
Record response to the nationwide loss of electricity in Category 5 hurricane Irma alone was expensive explained Powell when media quizzed him about the need for the hike and how long the increase would be imposed upon consumers. Mr. Powell assured, FortisTCI was not trying to recapture earnings lost during the recovery period.
“…It’s not just to recover per say the cost of electricity which we expect to recover over a long period of time, we don’t want to increase the rate to a certain extent where we percent to our customers a rate shock that would be too expensive, we want to gradually increase… to restore the company to a sound financial position.”
Eddinton Powell, CEO & President, FortisTCI
Mr. Powell said the company has made a case for the increase request, permitted by law and expects incremental recuperation. Mr. Powell corrected public assumption that FortisInc paid for the restoration; explaining that FortisTCI covered the cost in full.
“We had to pay and we had to borrow the money, finance that restoration and the restoration is paid for – past tense – paid for in full. Now, what we are trying to do with this application is to restore the company to strong financial health,” explained Mr. Powell in that media debriefing today. The CEO agreed that the hurricanes weakened the company’s financial soundness, “…the cost of the restoration, the loss revenues, the write off of assets all of those things contributed to the weakening of the company’s financial position.”
The CEO, flanked by company executives at FortisTCI Leeward Highway headquarters added that there is going to be opportunity for residents to learn more and vocalise their thoughts about the application for the increase. Mr. Powell shared that initiatives of FortisTCI will eventually result in lower power bills.
“Through more solar penetration in the system, through the possibility, the very good possibility of liquefied natural gas (LNG), that is the increase of fuel mix on the system away from diesel more towards LNG, more towards solar energy. I am convinced that all of those things if managed properly and executed properly by the Government and the company can result in the future in lower energy costs to the Turks and Caicos which we have an interest in doing.”
The goal of FortisTCI, shared the CEO, is to return to a stable financial position. Mr. Powell characterized their request as both ‘reasonable and warranted’.
Once approved, the electricity rate increase will take immediate effect.
Providenciales, Turks and Caicos Islands – May 14th, 2024 – The Turks and Caicos Islands Government and Molo Hotel Group reached a pivotal juncture on Monday, May 13th, 2024, with the ceremonial signing of a development agreement at the Premier’s Office on Providenciales. The agreement, which received official Cabinet approval on March 13th, 2024, signifies a steadfast commitment to advancing the economic landscape of the Turks and Caicos Islands.
Molo Hotel Group is a family-owned business, renowned for its distinguished portfolio of high-quality hotels worldwide. The
development initiative encompasses the construction of three distinct IHG branded hotels: InterContinental Turks and Caicos, Kimpton Turks and Caicos and Hotel Indigo Turks and Caicos. Scheduled for completion by 2027, each resort boasts a distinctive design from luxury to laidback sophistication spanning across the shores of Grace Bay Beach.
Kimpton Turks and Caicos – an epitome of luxury lifestyle living, will feature 192 guest rooms including three outdoor pools, a luxury spa and a fitness center. Additionally, seven dining options ranging from a beachfront restaurant to a rooftop bar.
Adjacent to the Kimpton, InterContinental Turks and Caicos will offer 59 classic luxury suites with panoramic ocean views. Mirroring its counterpart, this resort will offer an array of dining options and upscale facilities.
Steps away from the Intercontinental and Kimpton resorts, Hotel Indigo Turks and Caicos will embrace a sense of community and contemporary elegance, offering 56 bedrooms. The resort will feature an onsite restaurant, lobby bar, outdoor pool, and fitness room.
Beyond the realm of hospitality, this development agreement underscores the government’s commitment to fostering economic growth and enhancing employment opportunities in the Turks and Caicos Islands. Molo is partnering with the Turks and Caicos Islands Community College (TCICC) to actively promote hospitality as a career choice and support in developing training programs, career fairs, seminars, workshops, and events to raise awareness about hospitality careers. Molo has committed to provide employment and apprentice opportunities to TCICC students and provide mentoring and practical on property training to students.
The signing event was graced by Hon. Charles Washington Missick, Premier of the Turks and Caicos Islands, Hon. Jamell Robinson, Deputy Premier, Hon. Kyle Knowles, Minister of Public Safety and Utilities, Hon. Rachel Taylor, Minister of Education, Youth, Sports and Culture, Łukasz and Marcin Slominski, Owners of Molo, Ross Morrow, Managing Director Molo, Arik Kono, Vice President Upscale Development for IHG, Dr. Candice Williams, President and CEO of the Turks and Caicos Islands Community College, Angela Musgrove, InvestTCI CEO, Dr. Barbara Ambrister, Chairperson of the Turks and Caicos Islands Community College, Dr. Delores Stapleton- Harris, Vice President of Academic, Vocational and Student Affairs for the Turks and Caicos Islands Community College, Mr. Kevin Baxter, Dean of Technical Vocational Education Training (TVET) and Sheryl McLaughlin, InvestTCI Investment Services Executive.
Commenting on the development agreement, Premier, Hon. Misick, stated “The Memorandum of Understanding (MOU) signing of
IHG/Molo Hotels is a significant step towards a sustainable future for hospitality in the Turks and Caicos Islands. Three hotels, Kimpton, Intercontinental, and Hotel Indigo, will be introduced, enhancing our tourism product and creating employment opportunities.”
He further added, “Partnerships with the Turks and Caicos Islands Community College and Turks and Caicos Islands Sports Commission are underway, demonstrating the Government’s commitment to developing human capital and elevating tourism offerings. This project will bring economic growth, embrace local talent, and enrich our economy.”
Additionally, Mrs. Angela Musgrove, CEO of Invest Turks and Caicos Islands, emphasized “This collaboration confirms our commitment to fostering economic growth and prosperity within our country. We have worked closely with Molo Hotel Group, and we are confident that this transformative project will further position the Turks and Caicos Islands as a premier destination for travel and investment. Much to our delight, it will also provide opportunities for engagement with our Community College and small business community.”
The Government of the Turks and Caicos Islands, operating through its primary Investment Promotion
Agency, Invest Turks and Caicos Islands, remains committed to attracting and facilitating Foreign Direct Investments to the country by providing a comprehensive suite of services. Through strategic initiatives and targeted promotion, the agency catalyzes sustainable development, driving innovation and small business opportunities across various sectors of the economy.
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