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Barbados Light and Power Company (BLPC) customers will not have to pay as much for electricity as the utility provider wanted.However, they will have to wait until sometime next month to find out exactly how much of an increase they will be forced to pay.The Fair Trading Commission (FTC) announced Wednesday that the rate of return that the BLPC used to calculate a new requested base rate had been thrown out by the regulatory agency and the power company will have to make some adjustments.“The rate of return on the rate base of 8.79 per cent, is denied. The commission approves a rate of return of 7.47 per cent to be used in the computation of the revenue requirement,” chairman of the FTC rate hearing panel Dr Donley Carrington said at a press conference held at the commission’s Green Hill, St Michael headquarters.He explained that having refused to approve a series of requests on which the company relied to determine the 8.79 per cent rate of return, the FTC ordered BLPC to return ....
Former minority shareholders of Cable & Wireless (Barbados) Limited (CWBL) will finally have their class-action suit against the company heard by the local High Court next month. The March 6 hearing will come after an almost five-year wait by hundreds of claimants who are challenging the telecommunications giant’s decision to compulsorily acquire their shares. The COVID-19 pandemic and a series of legal ....
The COVID-19 virus has struck at the electricity rate hearing on Monday forcing all of the intervenors, the lead attorney for Barbados Light and Power Company (BLPC) Ramon Alleyne, KC, and some senior members of staff to go online for the session.They joined the proceedings via Zoom after the Fair Trading Commission (FTC), which is hearing the BLPC’s application for a basic rate increase, agreed to conduct the case using a hybrid format. The decision to go online came after several intervenors tested positive for the virus.Before taking evidence today, Dr Donley Carrington, who is chairing the hearing, issued a statement informing all parties that the commission had received information this morning which indicated that “certain persons had requested to be able to join this hearing in a virtual format”.“The commission,” Dr Carrington added, “has decided that today we will be having this meeting in a hybrid format so that persons who would feel more comfortable joining onlin ....