UWP questions whether  internal mistake at LUCELEC kept electricity prices high

UWP questions whether internal mistake at LUCELEC kept electricity prices high

CASTRIES, Saint Lucia –Friday, November 13, 2015

The United Workers’ Party welcomes the news by LUCELEC to lower the price paid for electricity by 13.7 cents per unit. This is welcomed news to households and businesses across St. Lucia who have been suffering with high and uncompetitive electricity prices.

According to LUCELEC Managing Director Trevor Louisy: “to a large extent, our hedging programme has worked to the overall benefit of customers over the last five years. Every year since 2012, this year included, customers have been paying less for each unit of electricity, and a large part of that can be attributed to our hedging programme”.

Given that price of oil has dropped by over 50% for the past year and that LUCELEC contracts hedging on an annual basis it is difficult to believe that St. Lucians had not seen a lower price per unit much earlier.

The UWP is asking LUCELEC, a public company, to tell St. Lucians at what price the fuel price hedges took place over the past year.

We are also asking LUCELEC to clarify rumours that prices remained high due to an internal mistake by the company and instead of the shareholders paying for the mistake, they kept prices high in order to pass on the cost of the mistake to consumers.

The UWP reminds LUCELEC that it is a public company that enjoys a monopoly and we expect them to be transparent and truthful in their answer.

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1 Comment

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