Retail tariffs for Bermuda’s electricity sector will decrease across customer groups, effective from January 1.

The Regulatory Authority of Bermuda announced the reductions this evening, but did not say how much the reductions will be.

The retail tariff is a component of a monthly Belco bill that is reflected as a ‘Charge’. It is the rate at which electricity per kilowatt hour is sold to consumers.

Jozelle Opoku, head of regulation at the RA said: “After months of extensive review, we are pleased that the outcome has resulted in a reduction in the cost of electricity of all consumer groups.”

In a statement, the RA said the rate review process included an in-depth analysis of Belco’s costs to generate, transmit and distribute electricity, its capital costs and operational, maintenance, overhead, depreciation, amortisation and administrative costs. A further review of the retail tariffs will be completed before the end of 2020 to set tariffs for subsequent years.