By The Star Staff
Following its mandate in law, and after a transparent reconciliation process open to the public, the Puerto Rico Energy Bureau (PREB) approved the quarterly adjustment factors for fuel purchase and power purchase that will apply to the electricity rate from Jan. 1, 2024 to March 31, 2024.
A reduction will result from the price of 22.5 cents per kilowatt-hour (kWh), starting Jan. 1, 2024, compared to the current cost of 23.4 cents per kWh. The change represents a savings of $3.93, or 2.1%, for an average residential customer with a monthly consumption of 800 kWh.
The PREB’s resolution also includes a reserve in the power purchase factor of $0.004390, or less than half a cent, to cover any costs arising from the third amendment to the power purchase and operation agreement between the Puerto Rico Electric Power Authority and the AES thermoelectric plant.
If the renegotiation process is concluded without economic impact, the amount charged for the reservation concept will be returned to customers through a credit in a future reconciliation.
“The role of the Bureau is to take stock in the public interest,” PREB Chairman Edison Avilés Deliz said. “That means ensuring that excessive expenses are not passed on to the consumer, but it also means avoiding the managerial irresponsibility that led the Authority to bankruptcy. In this reconciliation, we are pleased to see a rate that remains stable and, responsibly, we are taking precautions for future impacts as a result of other pending processes.”
The next quarterly review will take place toward the end of March 2024.