The Fijian Competition and Consumer Commission have announced that the electricity tariff will increase by 2.74 percent from the 1st of next month.
The Fijian Competition and Consumer Commission say this is 0.91 cents for domestic, institutions, places of worship and public infrastructure, 1.12 cents for commercial customers, 0.81 cents for industrial customers.
While making the announcement, CEO, Joel Abraham says Energy Fiji Limited had requested for a 17.27 percent increase in tariffs however they have declined it.
He says after nationwide consultation and comprehensive analysis of EFL’s expenditure and power development plans, their findings can only justify an increase of 2.74 percent.
Abraham says they thoroughly scrutinized EFL’s past 10 years of financial performance, including capital expenditure, operating expenditure, financial information, including costs for transmission, generation, distribution, retail, and future plans before arriving at their conclusion.
He says the last tariff review was conducted 10 years ago adding that moving forward, they will conduct reviews every 4 years and will also strictly monitor EFL’s capital and infrastructural investments as provided in their submission.
Abraham says they were also provided assistance by the New Zealand Commerce Commission as part of an interagency cooperation initiative.
No changes to the above rates will be made unless authorised by FCCC.