PRESS RELEASE
FROM THE MINISTRY OF INNOVATION,
TECHNOLOGY AND ENERGY
Providenciales, Turks and Caicos Islands, 21st May 2025– The Energy and Utilities Department (EUD) wishes to update the public on the status of FortisTCI Limited’s Rate Variation Application, submitted under section 40 of the Electricity Ordinance. The review process remains ongoing and, contrary to assumptions made in international media referencing FortisTCI’s rate submission, no final decision has been reached on the proposed rate increase.
Summary of Key Developments:
On February 14, 2024, FortisTCI submitted an application requesting a six percent (6%) rate increase across all customer classes. The Utility cited inflationary pressures, increased demand for electricity, and recent changes to international credit rating standards as key reasons for the request.
The Government of the Turks and Caicos Islands, through the EUD, engaged in a six-week review process during which FortisTCI was asked to provide additional information. However, responses on critical areas such as capital investments, operating costs and fuel charge calculations remained incomplete or unclear.
On March 27, 2024, the Governor of the Turks and Caicos Islands, denied the application, noting that a fully informed decision could not be made based on the information provided.
On April 12, 2025, FortisTCI formally disputed the Governor’s decision and requested the appointment of an independent inquirer, as permitted under the Electricity Ordinance. The Governor agreed to this request on April 29, 2024.
Hon. E. Jay Saunders, Minister of Innovation, Technology and Energy, commented that, “Electricity rates impact every household and business in the Turks and Caicos Islands. It is therefore essential that any proposed variation is supported by full transparency, robust data, and a clear justification. The Government remains committed to protecting the public interest while ensuring the long-term stability of our energy sector.”
Next Steps:
The Government is currently in the final stages of confirming the appointment of the independent inquirer, who will conduct a formal inquiry into the reasonableness of FortisTCI’s rate application. No final decision will be made until the inquiry is complete.
Minister Saunders further added that, “This is a matter of national importance, and we intend to ensure that the process remains independent, objective, and inclusive. We encourage members of the public to participate once the inquiry opens for public input, and we will ensure the process is fully accessible and transparent.”
We will continue to keep the public informed of developments on the matter of the inquiry and will provide opportunities for the public to participate in the inquiry process once underway.
