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Fuel Surcharge Reduces as World Oil Prices Decline
DOMLEC welcomes the recent reduction in the world market price of oil which has brought some relief to its consumers and to the company. This is reflected in a drop in the Fuel Surcharge from 67.85 cents per kilo watt hour in August to 62.93 cents in September.
It is hoped that fuel prices will continue to decline, so that further relief can be realized. DOMLEC wishes for the record to state again that the cause of the rising cost of electricity over the last five years is due to the ever increasing cost of fuel which is driven mainly by the movement of the price of oil on the world market. When customers see increases in the fuel surcharge component of their bills, the company wishes to assure all concerned that the Fuel Surcharge Formula is applied in strict accordance with the Electricity Supply Act.
DOMLEC through legislation is only allowed to collect from its customers 97.5% of the cost of fuel used in electricity generation. The remaining 2.5% is absorbed by the company. Meantime, DOMLEC is proceeding with work on two projects aimed at minimizing the fuel burden on customers in the short term.
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[…] DOMLEC announced a drop in the Fuel Surcharge from 67.85 cents per kilo watt hour in August to 62.93 cents in September. According to the […]