Power rates to continue decreasing
Richard Brown says electricity rates are locked in for five years and will not be affected by what is happening on the international scene.
Beginning this March, electricity rates will fall by 14 per cent across all rate categories. That will save Islanders $25 million annually for the next two years for a total savings of $50 million.
Rates are expected to be tied to the rate of inflation in years three, four and five of the five-year deal.
But while world oil prices may not affect electricity prices, it will affect the regulated price of gas on the Island which will be adjusted.
Oil closed at nearly $98 a barrel in New York on February 25, down from $103.
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SACRAMENTO - Efforts are being made across California's political landscape to derail a legislative initiative that introduced income-based utility charges for customers of Southern California Edison and other major utilities.
Legislators from both the Democratic and Republican parties have proposed bills aimed at nullifying the 2022 legislation that established a sliding scale for utility charges based on customer income, a decision made in a late-hour session and subsequently endorsed by Governor Gavin Newsom.
The plan, pending final approval from the state Public Utilities Commission (PUC) — all of whose current members were appointed by Governor Newsom — would enable utilities like Southern…
