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The Fair Trading Commission’s (FTC) sometimes competing roles of regulator on one hand and advocate on the other, have come sharply into focus during the on-going application by the Barbados Light & Power Company (BL&P) for an increase in electricity rates.Much to the chagrin of consumers, the FTC has already granted the Canadian-owned power supplier an interim increase, until a final decision is made on the substantive request.Any business will try to extract the highest level of returns for its products or services, but a utility company is a special animal because the good that it is selling is a necessity for the proper functioning of a modern society such as ours.Importantly, any further increases in the cost of electricity will have a negative ripple effect throughout the economy as this recurring cost will be passed on by most enterprises and will likely result in increased costs across the board. ....
The Fair Trading Commission dismissed an attempt to adjourn the electricity rate hearing, with the proceedings scheduled to resume on Thursday. When the hearing started on Wednesday at the Accra Beach Hotel, the Barbados Associtation of Retired Persons (BARP), represented by the Office of Public Counsel, argued that it needed more time to prepare its intervention against the Barbados Light & Power Company Limited’s (BL&PC) rate application. This was because … ....