Caribbean News
Electricity costs set to decrease from January 1 in Bermuda – CARICOM Business
By Shanieka Smith
Staff Writer
#Bermuda, December 22, 2022 – Electricity tariffs in Bermuda will decrease by a weighted average of 1.7 per
“The cost of fuel is recovered through the Fuel Adjustment Rate (FAR). The FAR reflects the total cost to deliver fuel to Belco’s central plant and is comprised of 2 parts – the fuel adjustment and Bermuda Government taxes on fuel,” the RA noted. It added that a decline in FAR was observed from 16.874 cents in the October to December 2022 period to 14.304 cents in the first quarter of 2023.
On average, residential electricity rates will decrease by 0.25 per cent, demand rates by 3.7 per cent and commercial rates by 1.9 per cent.