PORT OF SPAIN, Trinidad, CMC – The Trinidad and Tobago Chamber of Industry and Commerce (T&T Chamber) is calling on the government and state entities to “carefully review the impact of the recommendations being addressed in the context of all citizens” after the Regulated Industries Commission (RIC) Thursday unveiled its proposed new maximum rates for electricity, across the board.
In a statement, the private sector group noted that the issues include increased fuel prices, electricity rates, property tax, and overall inflation.
“While we understand the need to increase revenue generation to continue with the national development plan, we urge consumer caution and consideration. Ultimately, this can negatively impact people if these costs are compounded and applied simultaneously,” it said.
The chamber reiterates the need for “promoting a balanced approach which does not lead to unnecessary hardships which can negatively impact the public, particularly the lower income sector and the vulnerable.
“There is the risk of a vicious cycle developing where there is a decrease in disposable income, a decrease in companies’ ability to purchase goods and reinvest, and a further surge in crime as a result.”
The private sector group said that while the stakeholders are looking for ways to catalyze and support the non-oil and gas sector, “as a nation, we also need to ensure that we do not unintentionally restrict local investment opportunities to do so.
“Access to financing locally is a debilitating challenge to SMEs (small and medium enterprises) and others, and their expansion efforts can be negated if a holistic view is not implemented. “We suggest that there should be an analysis and close collaboration between ministries and state entities about all decisions being taken,” the chamber said, adding that it has “positively” taken note of the Ministry of Trade and Industry’s (MTI) current efforts to gather insights into the effects of rising fuel prices on the retail market via the Public Administration Committee (PAAC) under the Office of the Parliament.
“The survey is being conducted as an inquiry into the percussions of increasing fuel costs in various sectors, including transportation, retail, energy, and households. We hope everyone who receives the link will complete the survey, as citizens’ views are necessary.
“The Trinidad and Tobago Chamber of Industry and Commerce is ready to engage with stakeholders and decision-makers to share our insights as we continue to represent our members and others, to provide recommendations in the best interest of the stability and sustainability of our nation and people.”
On Thursday, the RIC outlined the proposed new maximum rates for electricity that, if implemented, could result in the Trinidad and Tobago’s Electricity Commission (T&TEC) projected earnings rising to TT$4.8 billion (One Tt dollar=US$0.16 cents) up from the utility’s TT$3.2 billion average annual revenues.
Depending on consumer usage, the new rates for 2023/24 will increase between 15 and 64 percent for residential customers, while rates will increase between 37 and 51 percent for small businesses (B1) and 10 and 12 percent for larger businesses (B2)
There will also be an increase of between 58 and 72 percent for class D industrial customers and 119 and 126 percent for class E industrial customers.
The RIC has also created a C class for industrial customers – these being high-density users like server farms and data or cryptocurrency mining.
These changes will also see customers being billed monthly instead of every two months.
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