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TCI News

FortisTCI Projecting Massive Fuel Factor Decline for Electricity Customers

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Forecasting shows a huge drop in fuel factor – up to 80% by October

#Providenciales, Turks and Caicos Islands (Tuesday, June 11, 2020) – Over the next four months, FortisTCI is projecting that electricity consumers will see significant reductions in their energy costs by way of a declining fuel factor. Looking ahead, customers can expect the fuel factor to fall on average by approximately 80% in October, bringing added economic relief to homes and businesses across the Turks and Caicos.

Customers will see a decline in the fuel factor on their June electricity bills. However, the company’s forecast models indicate that the most significant decreases will start in July with an approximate 52% reduction in the fuel factor compared to January 2020. July’s decline is followed by a 68% drop in August, a 73% drop in September, before reaching an 80% decline in October, compared to January 2020’s fuel factor.

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The decline in energy costs comes as a result of the near historic drop in world market fuel prices this past March and April. While the fuel supply chain presents a lag in effective prices, FortisTCI passes these reductions to customers as quickly as possible. The projected decrease in fuel cost will result in an overall reduction of electricity bills. Over the period at its highest impact, the company anticipates that residential customers will see their electricity bills reduced on average by approximately 23% to 27%. Commercial customers can expect, on average, an estimated 20% reduction in bills, medium hotels and supermarkets, on average, will see an estimated 23% reduction and large hotels, an approximately 26% reduction on their electricity bills when compared to January 2020.

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FortisTCI President & CEO Eddinton Powell said, “The company has closely monitored the decline in global fuel prices and is glad to see the reduction in cost from our fuel supplier that can now be passed on to our customers. The reduction in the cost of energy and the fuel factor will have a positive impact and provide further economic stimulus to our customers. While this means a reduction in electricity bills, customers must continue to manage their electricity consumption, especially as some continue to spend more time at home due to the pandemic, and as we enter the warmer summer months.”

The information provided is a projection, and fuel prices may differ at the time of purchase as global crude and diesel commodity markets remain very volatile. For more information on the fuel factor, click here.

Magnetic Media is a Telly Award winning multi-media company specializing in creating compelling and socially uplifting TV and Radio broadcast programming as a means for advertising and public relations exposure for its clients.

Bahamas News

Sugar and salt tax campaigns gaining steam 

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By Dana Malcolm

Staff Writer 

 

 

February 7, 2023 – A global battle on sugar and salt is ramping up as the United States joins The Bahamas and Barbados in creating proposals for historic sugar and salt laws.

The country’s Agricultural Department for the first time in history, proposed a cap on the amount of sugar to be allowed in school meals.

The World Health Organization has found that North America and the Caribbean have the highest rates of childhood diabetes in the world and based on the International Diabetes Federation’s Diabetes Atlas we also have the second highest prevalence of Diabetes overall for all global regions at 14 percent  or 51 million people with a projected 24 percent increase in just 22 years.

Barbados, the United States, Canada, Haiti, Mexico, Belize and St. Kitts and Nevis are all suffering from incredibly high rates of diabetes.

Barbados and The Bahamas announced sugar taxes last month; the hope is to reduce the importation and sale of sugar and salt rich foods.

Advocates across the Caribbean including Jamaica, Trinidad, and others have been campaigning for sugar taxes in their own countries with support from the public.

Now the proposed nutritional rules for the United States would set firm boundaries on how much salt and sugar can legally be added to meals, setting a new standard as most food imports for countries like The Bahamas are from the US.

The plan for the US is expected to be rolled out by 2025.

The rules, are unapologetically an attempt to cut down incidences of diabetes and other diseases fueled by unhealthy diets, according to media reports.

For now, the quantities on sugar and salt additives is an idea waiting wider consultation.

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Bahamas News

TCI Office in Bahamas identified 

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By Dana Malcolm 

Staff Writer 

 

 

#TurksandCaicos, February 7, 2023 – An office space has already been identified for an all-new TCI Immigration office in The Bahamas according to Arlington Musgrove, Minister of Immigration and Border Services.

Musgrove told Magnetic Media that the ministry was “almost there” in regard to securing the space; it indicates the Government is moving full speed ahead with plans for the passing of the new Immigration Bill which will allow third-generation TC Islanders citizenship, even as the public awaits consultations on it.

The announcement of the bill had caused some skepticism among islanders, some of whom wanted the government to focus on keeping TC Islanders at home instead of recruiting others.  Musgrove however had made it clear that the TCI was in a population crisis and would need to slow down PRC naturalisation rates and naturalise people with historical, familial and cultural connections to the land or risk going ‘extinct’.

The office will work to deepen the relationship between the two sister countries even more and help increase the TCI’s population offsetting the need for masses of external labour according to the government.

When passed, the rule will apply to third-generation islanders everywhere, not only in The Bahamas giving them a free ticket to come home.

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Caribbean News

The Shore Club makes Travel + Leisure 

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By Dana Malcolm 

Staff Writer

 

 

#TurksandCaicos, February 7, 2023 – The Shore Club is the perfect place to escape the cold with your family according to well-known travel magazine, Travel + Leisure at least.  The Turks and Caicos resort was featured in the worldwide magazine’s January feature last month.

“It’s hard to overstate the grandness of our accommodations,” travel writer Hannah Selinger gushed as she described the luxurious Shore Club experience that retails for around $750 per night.

The resort owned by Stan Hartling, 2021 TCI Humanitarian of the Year, was lauded for its use of local materials including coral harvested in Long Bay on which the property resides.  The writer was particularly impressed with the expansive space and multiple amenities at the resort which even when significantly booked “never feels even remotely full”.

She described the food and the entirety of her experience as ‘extremely satisfying’.

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