The Energy Commission currently receives a monthly filing from the Bermuda Electric Light Company (BELCO) for the fuel adjustment rate. One of the duties of the Energy Commission is to approve or disallow a filing from a specified business for variations to the price or charge for electrical power submitted.
The fuel adjustment rate (cents per kilowatt hour) is calculated using the cost of fuel (which excludes a base cost of $30.00 per barrel of fuel) and projected usage.
The cost of fuel is made up of the actual cost of the fuel purchased on the international oil markets, plus transportation costs, as well as a static Government of Bermuda Customs duty of $31.79 per barrel.
As the actual cost of fuel changes on the market, the fuel adjustment rate also changes. Market fuel prices can change due to demand as well as the impact of political, economic and other factors.
The Energy Commission assesses BELCO’s monthly FAR filing and then publishes its conclusion in a decision letter.
Fuel adjustment filings and decisions
2016 fuel adjustment rates
January Filing / Decision - $0.10
February Filing / Decision - $0.10
March Filing / Decision - $0.0975
April Filing / Decision - $0.09
May Filing / Decision - $0.0765
June Filing / Decision - $0.0765
July Filing / BELCO-July-2016-Letter.pdf - $0.0905
August Filing / Decision - $0.0875
September Filing / Decision - $0.1050
October Filing / Decision - $0.1020
2015 fuel adjustment rates
January Filing / Decision - $0.12
February Filing / Decision - 0.12
March Filing / Decision- $0.125
April Filing / Decision - $0.125
May Filing / Decision - $0.115
June Filing / Decision - $0.115
July Filing / Decision - $0.13
August Filing / Decision - $0.13
September Filing / Decision - $0.13
October Filing / Decision - $0.125
November Filing / Decision - $0.12
December Filing / Decision- $0.1125
For filings, decisions and rates for 2011 to 2014 email; energy@gov.bm
Base rate filing
The Bermuda Electric Light Company Limited (BELCO) are also obliged under law to submit a base rate filing with the Energy Commission for any change to its rates for electricity service it provides.
A base rate filing consists of a proposal to vary the base rate which is the kilowatt hour (kWh) cost, and the tier-structured facilities charge to better reflect the actual cost of service in any given year.
Base rate filings and decisions
- Minister's Response to BELCO Base Rate Case Appeal
- BELCO base rate (2012, 2013, and 2014) tariff filing - 20111026
- Energy Commission Decision on base rate (2012,2013 & 2014) tariff filing – 20120217 (pending possible appeal to Minister)
- BELCO request to defer pre-approved base rate increase - 20101209
- Energy Commission Decision to defer pre-approved base rate - 20110124
- BELCO Base Rate Filing 3 June 2015
- Extension of Public Submissions Deadline to 5pm July 17th 2015 - BELCO Base Rate Filing June 3rd 2015
- Base Rate Filing 2016
- BELCO Report and Rate Adjustments Submissions = 20160815
- a. Minister Request for Inquiry – Review of BELCO Residential Net Metering and CSEER Programmes - 20160826
- BELCO's Net Metering Filing 2016/09/16
- Energy Commission’s Net Metering Inquiry Response 2016/10/11
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