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Fuel prices are on the rise again after near 40% decline earlier this year

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#TurksandCaicos, December 5, 2023 – FortisTCI is closely monitoring the impact of external shocks on market fuel prices, which continue to cause increases in the fuel factor rate and result in higher electricity bills. Higher global demand for fuel along with production cuts by leading oil producing countries have caused an increase in market prices, according to J.P. Morgan. While it is difficult to forecast far in advance precisely how prices will change, new projections from our fuel supplier indicate that fuel prices will continue to rise over the next several weeks. As a result, the fuel factor rate on November’s electricity bills increased by up to 10% across some service territories.

The fuel factor rate on customer electricity bills changes with average market fuel prices. Prior to this upswing in pricesfuel factor rates were more stable this year, falling nearly 40% across most service territories between February and September. This downward trend was contrasted by high energy demand during the summer as outside temperatures reached record-breaking levels.

The fuel factor rate on electricity bills is charged for every kilowatt hour of electricity used. When the fuel factor rate increases and a customer’s energy consumption increases, their electricity bill will be higher. Similarly, if both decrease, their electricity bill will be lower. If one increases but the other decreases, this will have a more balancing effect. If the customer consumes the same kilowatt hours of electricity, but their electricity bill has increased, the fuel factor rate has likely risen.

FortisTCI understands the challenges associated with higher electricity bills and is committed to diversifying how energy is produced and supporting customers during this time. The Company continues to advocate for suitably tailored, holistic utility sector regulatory reform, and continues to integrate alternative energy sources to the grid through roof-top solar systems and solar-powered microgrids with battery energy storage technology. These projects help to increase the amount of renewable energy on the grid, reduce the impact of global fuel price shocks on local energy costs over time, and lower carbon emissions.

Changes in the fuel factor rate can be tracked by comparing electricity bills. Notices regarding these changes are also issued monthly via email, social media, and other mainstream channels. Customers can also view their daily energy usage data via the Company’s free customer portal at www.myftcionline.com.

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Bahamas News

Bahamas Government to meet with SpaceX

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PRESS STATEMENT

Ministry of Tourism, Investments & Aviation

 

The Bahamas, February 6, 2025 – A delegation inclusive of all relevant agencies is meeting with SpaceX officials as The Islands of The Bahamas finalise preparations for the historic landing of a SpaceX Falcon 9 rocket booster on February 17.

This landmark moment will make The Bahamas the first international destination to host the Falcon 9 rocket booster landings. This historic event, set to take place off the coast of The Exumas, marks a significant leap for The Bahamas into the realm of space tourism.

The collaboration between Bahamian officials and SpaceX positions The Bahamas as a key player in the growing space tourism industry, with 20 scheduled landings to take place in Bahamian waters on autonomous drone ships. The country will be the exclusive location to witness these remarkable events, offering unique economic opportunities and advancements in technology.

The delegation includes senior representatives from the Royal Bahamas Defense Force, the Bahamas Air Navigation Services Authority, the Department of Environmental Planning and Protection, and the Port Department.

The relevant senior officials will remain on hand during the launch sequence and launch and ascent. They are fully engaged to ensure all safety, regulatory, and operational measures are in place for the scheduled landing. Every effort is being made to facilitate this historic event while maintaining the highest standards.

Further details regarding the landing and related activities will be forthcoming.

The Hon. I. Chester Cooper
Deputy Prime Minister & Minister of Tourism, Investments & Aviation

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Decomposing Body Found

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***MEDIA RELEASE***

 

Turks and Caicos, February 5, 2025 – The Royal Turks and Caicos Islands Police Force is investigating the discovery of a decomposing body found in the vicinity of Delco Yard, Snake Hill, Blue Hills.

At approximately 7:45 pm on Tuesday, January 15, 2025, officers received information regarding the presence of a body in a ditch near Delco Yard.  A team of officers and the TCI Regiment were deployed to the scene.

Upon arrival, officers confirmed the presence of a deceased male wearing black jeans and blue Jordan sneakers. The deceased had a black locks hairstyle. The body was in an advanced state of decomposition.

If you have any information that could assist in identifying the deceased or in the ongoing investigation, please call 911 or Crime Stoppers at 1-800-8477 (TIPS).

Information can also be shared via the Crime Stoppers P3 app.

Further updates will be provided as the investigation progresses.

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Caribbean News

S Hotel Kingston Partners with Bob Marley Foundation to Celebrate Kingston as the Cultural Capital

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KINGSTON, JAMAICA, [February 6, 2024] – In celebration of Bob Marley’s 80th birthday, S Hotel Kingston has partnered with the Bob Marley Foundation to launch an immersive “Explore Kingston” initiative, spotlighting the city’s rich cultural heritage. The collaboration features a dynamic new video that showcases Kingston in the world’s music culture.

Widely regarded as the heart of Jamaica’s artistic and musical legacy, Kingston takes center stage in this captivating video, which highlights iconic sites such as the Bob Marley Museum, Trench Town Culture Yard, Tuff Gong International, and Kingston Creative’s Water Lane Art Walk. The video offers an inspiring glimpse into the city’s cultural essence and its deep connection to reggae music.

“We are thrilled to partner with the Bob Marley Foundation to bring this experience to life,” said Christopher Issa, CEO of S Hotels Jamaica. “This initiative is not only a celebration of Bob Marley’s birthday but also a tribute to the creative spirit that makes Kingston the beating heart of Jamaica.”

S Hotel Kingston embraces this cultural legacy throughout the property. Each room is equipped with a Bob Marley record player. The hotel’s Strings Cafe and Bar features a stunning zinc mural with an impression of Bob Marley, serving as a striking backdrop that pays homage to Kingston’s artistic roots, along with an 8-ft guitar. Additionally, a Bob Marley statue stands as a tribute to the legendary artist, further reinforcing the hotel’s deep connection to Jamaica’s music history.

For more information on S Hotel Kingston, please visit http://www.shotelkingston.com. To view the “Explore Kingston” video, follow S Hotel Kingston on social at @shotelkingstonjm.

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