TCI News
TCI: Decision on Fortis TCI Rate Variation Application
#Providenciales, October 4, 2018 – Turks and Caicos – On July 11, 2018 FortisTCI Limited served on His Excellency, the Governor Dr. John Freeman a Rate Variation Application under section 34 of the Electricity Ordinance. The application requested an increase to the tariff of rates as a result of losses sustained after Hurricanes Irma and Maria in 2017 and increased expenditure required for rapid rebuilding and recovery efforts. The request was for the making of Regulations to increase the tariff of rates to customers by an average of 6.8% with immediate effect. The 
proposed rate increase was broken down by customer class as follows:
- 5.5% to 5.7% increase in tariff of rates for residential customers
- 7.9% increase in tariff of rates for all other customer categories
Regarding the Rate Variation Application submitted by FortisTCI, Section 34(3) of the Electricity Ordinance states:
(3) The Governor shall, within six weeks next following the date of service of a notice under subsection (1) by a public supplier, serve a notice on the public supplier giving his decision on the request made by the public supplier under that subsection.
Decision of the Governor
After considering the application, the Governor, on August 17th, 2018 served notice on Fortis TCI Limited, in accordance with section 34(3) of the Electricity Ordinance, refusing its application for an increase of the tariff rates. The refusal was based on the following reasons:
- There is a lack of impartial and neutral information and assessments regarding the efficiency of investments as well as benchmarking with comparators regarding the real costs of providing electricity services in the Turks and Caicos Islands, as well as the allocation of those costs to customer groups to ensure fair and equitable pricing.
- A cost of service study and prudency assessment will need to be conducted to enable an informed and reasonable decision to be made on the request for rate variation.
Fortis Response
On the 21st of August, 2018, Fortis TCI Limited, not being satisfied by the Governor’s response, served on His Excellency the Governor a notice requesting the appointment of a person to hold an inquiry into the reasonableness of the rate Variation Application.
This notice by Fortis TCI Limited, is in accordance with section 34(4) of the Electricity Ordinance, which states; “Where a public supplier on whom a notice under subsection (3) has been served is not satisfied with the decision given by the Governor in that notice he may, within the twenty-one 
days next following the date of service of that notice, by a further notice in writing served on the Governor, request the Governor to appoint a person to hold an inquiry into the reasonableness of the proposals made by the public supplier as specified in the notice under subsection (1) served by the supplier on the Governor.”
The procedures regarding electricity rate applications and the legal obligations of the Governor, are clearly set out in section 34 of the Electricity Ordinance. The Governor, having regard to these established procedures, responded to Fortis TCI request on the 25th of September, 2018, agreeing to appoint an independent expert to hold an inquiry into the reasonableness of the Rate Variation Application.
The details regarding the appointment of the independent expert inclusive of the date, time and venue for the holding of an inquiry will be published in the Gazette and announced using the various media outlets. The procedures will be guided by the Commission of Inquiries Ordinance and is designed to ensure the person appointed to hold the inquiry, has the same powers to summon witnesses to give evidence or produce documents, to take evidence on oath and to administer oaths or require the making of declarations.
Release: TCIG
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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